Jupiter Energy Limited (ASX:JPR) Proposes $4 Million Capital Raising
Capital Raising Overview
Jupiter Energy Limited (ASX:JPR) has revealed a proposed capital raising, partnering with Vested Equities Pty Ltd as Lead Manager. The offering aims to secure $3 million, with a possibility of over-subscriptions bringing the total to $4 million, at a share price of $0.03 each.
Fund Allocation
Proceeds from the capital raising will fund drilling, completion, and testing of a new well in the Akkar East oilfield, scheduled to commence in the first quarter of 2025. If successful, the drilling aims to significantly increase current production from approximately 640 barrels per day to around 1000 barrels per day.
Shareholder Engagement
Existing Australian shareholders will have the opportunity to subscribe for up to $500,000 of shares as part of the capital raising. Jupiter Energy has established a direct hotline to facilitate shareholder communication, ensuring access to information regarding the capital raising and the company’s strategies.
Executive Comments
Geoff Gander, Chairman and CEO of Jupiter Energy, expressed his commitment, indicating plans to apply for up to $100,000 of shares in the capital raising, pending shareholder approval.
Indicative Timetable
The prospectus for the capital raising opens on 11 December 2024, with a closing date set for 7 February 2025. Shareholders will be updated regarding any changes to the timetable and other relevant details as the process progresses.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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