Galilee Energy Limited (AU:GLL) has released an update.
Galilee Energy Limited has announced a capital raising initiative to secure A$2.65 million through a fully underwritten share placement and entitlement offer. The company plans to issue around 40 million new shares at A$0.0125 each, with existing shareholders given the chance to purchase additional shares at the same price. This financial move aims to fund the proposed Scheme with Vintage Energy Limited, advance the Merged Group’s assets, and cover general working capital expenses.
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