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AXP Energy ( (AU:AXP) ) just unveiled an announcement.
AXP Energy has replaced an earlier capital raising notice with a new announcement confirming it has secured A$946,000 via a placement to sophisticated and professional investors at A$0.012 per share. The issue price reflects a modest discount to both the company’s last closing price and its 15-day VWAP, and the placement was supported by a mix of existing shareholders and new investors.
The funds will be used to advance development of AXP’s Oklahoma oil project, bolster working capital and support the assessment of additional farm-in and lease opportunities. The new shares, issued under the company’s existing placement capacity and ranking pari passu with existing stock, are expected to strengthen AXP’s balance sheet and provide greater financial flexibility for its U.S. growth strategy.
The most recent analyst rating on (AU:AXP) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on AXP Energy stock, see the AU:AXP Stock Forecast page.
More about AXP Energy
AXP Energy Limited is an oil and gas production and development company focused on growing output and unlocking value from its portfolio of energy assets in the United States. Listed on the ASX and trading over-the-counter in the U.S., the company’s current development emphasis includes its Oklahoma oil project, where it is pursuing both organic expansion and new lease or farm-in opportunities.
YTD Price Performance: -18.75%
Average Trading Volume: 676,626
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$4.89M
Learn more about AXP stock on TipRanks’ Stock Analysis page.