Elixir Energy Ltd (ASX:EXR) has launched a share purchase plan (SPP), available to all existing shareholders, to raise up to $3.5 million – the funds will go to advancing several work streams across multiple projects, as well as working capital requirements.
“The SPP element of the capital raising is designed to provide all shareholders with the opportunity to support the company on the same terms as for the placement participants,” Elixir’s managing director Neil Young said in a statement.
"We look forward to keeping all of our shareholders well informed as we approach the spud date for Daydream-2, which we view as a pivotal catalyst in the company’s growth plans.”
Funding appraisal and drilling programs
The company is offering up to $30,000 worth of new shares at an issue price of $0.07 per share, including one free attaching options for every two shares applied for, exercisable at $0.12 each.
The SPP will operate under the same terms of a recent placement which raised some $7 million before costs, with options expiring on October 17, 2026.
Elixir intends to use the new injections of funds for several work streams:
- the drilling, completion, stimulation and flow testing of the Daydream-2 appraisal well as part of the Grandis Gas Project, which well is due to spud in late October 2023;
- the ongoing Nomgon Project pilot, appraisal and exploration drilling programs;
- expenditures related to pursuing the company’s Gobi H2 Project in Mongolia; and
- working capital for the company.
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