PRM has made firm commitments to raise AU$650,000 through a share placement

Prominence Energy (ASX: PRM) announces firm commitments to raise AU$650,000, via a share placement of 32.5 million shares at a price of AU$0.02 per share with one free attaching unlisted option (Option) for every share subscribed. The Tranche 1 raising issue price of AU$0.02 per share represents a premium of 5% to the 15- day VWAP of AU$0.019 per share and an 11% premium to PRM’s last close price of AU$0.018 per share on 4 September 2023.

The placement will be made using the Company's 25% placement capacity, with the attaching options and the second tranche of Directors/CFO participation for AU$50,000, subject to shareholder approval at the Company’s forthcoming general meeting. The proceeds will be funding further technical studies on new ventures and the company’s existing assets, in particular preparation for the farm-out of Big Apple and ensuring the company has adequate working capital.

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