Kinetiko Energy raises AU$5.0 million from South African Strategic Investor

Kinetiko Energy Ltd (ASX: KKO) announced that it had received firm commitments from Phefo Power, a South African energy investment institution, to raise AU$5.0 million via placement. The placement includes the issue of approx. 56 million fully paid ordinary shares at AU$0.09 per new share, and the issue price denotes a 3.2% discount to the last trading price & an 8.1% discount to the 14-day VWAP.

Proceeds from the placement will be used to increase Kinetiko’s exploration strategy with immediate exploration programs to drill 7 core wells ongoing and also be used for the company’s joint venture obligations with the Industrial Development Corporation of South Africa to grow a gas production field projected to include up to 20 wells and planned for development from H1 2023.

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