Berkshire is hoarding so. much. cash.
Elixir Energy Secures $6.5 Million Placement to Bolster Daydream-2 Program
Elixir Energy Limited (ASX: EXR), a prominent player in the energy exploration sector, has successfully secured binding bids for a strategic share placement that is set to infuse $6. 5 million into the company's ongoing operations. The placement, oversubscribed and met with enthusiastic investor interest, is a testament to Elixir's commitment to advancing its exploration endeavors.
Placement Terms and Participating Entities
The binding bids for this placement involve the issuance of approximately 76 million new shares in Elixir Energy Limited. This move aims to raise $6. 5 million in capital, taking into account the associated costs. Notably, the shares will be offered to a select group of institutional and sophisticated investors, underscoring Elixir's ability to attract strategic backing from key stakeholders.
Story Continues.. after this ad because we need some dollarydoos
The placement shares will be made available at a price of 8. 5 cents per share, representing a 15% discount to the last closing price and a compelling 17% discount to the 5-day volume-weighted average price (VWAP). Furthermore, participants in the placement will receive Elixir's currently listed options (EXROB) at the rate of one EXROB for every three placement shares issued. These options feature an exercise price of 12 cents and will remain valid until October 17, 2026.
Taylor Collison Limited and Originate Capital Pty Ltd have played pivotal roles as Joint Lead Managers to facilitate the successful execution of this strategic placement.
Strategic Capital Allocation
Elixir Energy Limited's recent success with the Daydream-2 well, where free gas flow was recently achieved and announced on December 7, 2023, has paved the way for the company's ambitious plans. The injection of $6. 5 million in fresh capital will be primarily earmarked to expand the multiple-stage stimulation and flow testing program at the Daydream-2 well site. This expansion aims to explore and capitalize on new opportunities arising from the remarkable developments in gas flow.
Timely Decision
Notably, Elixir Energy Limited, recognizing the recent offering of a share purchase plan (SPP) to its shareholders within the last three months, has made a strategic decision to forgo an SPP offer at this juncture. This decision aligns with the company's commitment to diligently manage its financial strategies while ensuring robust support for its projects.
A Statement from Elixir's Managing Director
Mr. Neil Young, the Managing Director of Elixir Energy Limited, shared his views on this significant development, stating, "Following last week's very exciting news of free-flowing gas from Daydream-2, we are pleased to procure this financial backing from existing and new shareholders. Although our balance sheet is in good shape anyway, this raising will allow us to aggressively pursue an expansion of the stimulation and testing plans at Daydream-2. "
Elixir Energy Limited continues to make significant strides in its exploration efforts, and with this strategic placement, the company is poised to unlock new possibilities and propel its projects to greater heights. The infusion of fresh capital underscores the confidence of investors in Elixir's endeavors, and stakeholders are eager to witness the exciting developments that lie ahead.
Promote your business on our growing investor platform: Advertise With Us
Buffet indicator is showing some wild times ahead perhaps, combine that with Berkshires record high cash hoard of 30%... chart via barchart.com / Longtermtrends
Looks like we're going through something, but who would have thought with all these tarrifs, inflation and trade wars going on
Where does this end up long term with small stocks suffering white giant caps are taking all the coin?
🔺 Student Loan Delinquencies Hit Record 12.9%...
The spike in red reflects financial strain returning fast. Credit card delinquencies are rising too, hinting that lower-income consumers might be nearing a breaking point. What's going on...
The spike in red reflects financial strain returning fast. Credit card delinquencies are rising too, hinting that lower-income consumers might be nearing a breaking point. What's going on...
#ASX:ASN
Is Anson Resources’ US$330M Financing Deal the Key to Unlocking Utah’s Lithium Potential?
📈 Top 10 Stock Lists
Join the conversation
📈 Top Daily Gainers
📈 YTD Gainers
📉 Top Daily Losers
💰 High Dividend Yields
📅 Best Performers – October
✅ Seasonal Standouts – October
🔮 Seasonal Standouts – November