Whitebark Energy Limited (ASX: WBE) has received firm commitments to raise AU$2,000,000 through a two-tranche placement to institutional and high-net-worth investors at AU$0.0065 per share. Each new share will include a 1:2 free attaching option (exercise price: AU$0.015, expiring March 2027). The funds will be allocated towards soil geochemistry work, 2D seismic surveys, farm-out discussions, working capital, and the cost of the acquisition offer.
The capital raise supports Whitebark’s bid to acquire King Energy via an off-market takeover, which has been unanimously recommended. King Energy currently holds 70% ownership in the Alinya Project, one of Australia's largest onshore seismically defined sub-salt hydrogen, helium, and gas projects, with an option to acquire the remaining 30%. The placement, which includes debt conversion of AU$205,000, is seen as a strong endorsement of Whitebark’s geothermal energy strategy. Shareholder approval for Tranche 2 will be sought in March 2025.
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