3 March 2015
88 ENERGY LIMITED
PLACEMENT
88 Energy limited (Formerly Tangiers Petroleum Limited) (ASX:TPT; AIM:TPET, "88
Energy" or the "Company") announces that it has issued 691,319,300 fully paid
ordinary shares as a result of the Capital Raising approved by Shareholders at
the General Meeting held 12 February 2015.
Further, the Company has also issued 345,659,650 free attaching Listed Options
at an exercise price of A$0.02 per option expiring 2 March 2018.
In addition, the Company has issued:
* 30,000,000 Listed Options at an exercise price of A$0.02 per option
expiring 2 March 2018 to Energy Capital Partners for facilitation of the
acquisition of the Icewine Project;
* 20,000,000 unlisted options at an exercise price of A$0.014 per option
expiring 2 March 2018 to brokers and advisors for capital raising services
provided;
* 45,000,000 unlisted options at an exercise price of A$0.015 per option
expiring 18 February 2018 to Directors under the Company's Employee
Incentive Scheme.
The issues referred to above were approved by Shareholders at the General
Meeting held 12 February 2015.
The Company will apply for the new shares and options to be admitted to trading
on both the ASX and AIM markets. Trading in the new shares on AIM is expected
to commence on or around 3 March 2015.
Following the above movements, the Company will have the following securities
on issue:
Number Class
1,137,846,023 Fully paid ordinary shares
375,659,650 Listed Options exercisable at $0.02; expiring 3 years from date
of issue
500,000 Unlisted options exercisable at $0.50 on or before 2 April 2015
3,274,124 Unlisted options exercisable at $0.60 on or before 2 April 2015
3,500,000 Unlisted options exercisable at $0.70 on or before 2 April 2015
300,000 Unlisted options exercisable at $0.70 on or before 10 April 2016
213,733 Unlisted options exercisable at GBP£0.256 (A$0.393) on or before
19 November 2015
487,230 Unlisted options exercisable at GBP£0.242 (A$0.383) on or before
19 November 2015
2,000,000 Unlisted options exercisable at $0.28 on or before 26 November
2015
3,000,000 Unlisted options exercisable at $0.28 on or before 26 November
2015
2,500,000 Unlisted options exercisable at $0.45 on or before 31 March 2016
2,500,000 Unlisted options exercisable at $0.45 on or before 31 March 2016
(voluntary escrow for 12 months)
1,000,000 Unlisted options exercisable at $0.42 on or before 12 June 2017
(vesting conditions apply)
2,000,000 Unlisted options exercisable at $0.28 on or before 12 June 2017
1,000,000 Unlisted options exercisable at $0.30 on or before 22 April 2016
250,000 Unlisted options exercisable at $0.16 on or before 12 June 2017
12,000,000 Unlisted options exercisable at $0.01 on or before 22 October
20,000,000 2017
45,000,000 Unlisted options at an exercise price of A$0.014 per option
expiring 2 March 2018
Unlisted options at an exercise price of A$0.015 per option
expiring 18 February 2018
Sarah Smith
Joint Company Secretary
88 Energy Limited
Level 2, 5 Ord Street
West Perth WA 6005, Australia
Ph: + 61 8 9485 0990
www.88energy.com.au
Contacts
RFC Ambrian Limited
As Nominated Adviser
Mr Oliver Morse
+61 8 9480 2500
As Corporate Broker
Mr Charlie Cryer
+44 20 3440 6800