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The latest update is out from Kinetiko Energy Ltd. ( (AU:KKO) ).
Kinetiko Energy Limited has issued 33,122,637 new fully paid ordinary shares to sophisticated and professional investors at $0.065 per share, as part of a previously announced placement. This issuance, under section 708A(5)(e) of the Corporations Act, allows the new shares to be tradeable immediately, enhancing the company’s liquidity and potentially strengthening its financial position. This strategic move could bolster Kinetiko’s operations and support its long-term energy projects in South Africa, aligning with its goal to contribute to the country’s energy transition.
More about Kinetiko Energy Ltd.
Kinetiko Energy is a gas exploration company focusing on advanced onshore shallow conventional gas opportunities in South Africa. The company’s tenements are located in South Africa’s primary power-producing region, near aging coal-fired power stations and infrastructure. As the country shifts towards modern power solutions, Kinetiko aims to provide base load power and act as a backup to renewables, with a vision to commercialize an energy solution for South Africa.
Average Trading Volume: 207,722
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$88.79M
For a thorough assessment of KKO stock, go to TipRanks’ Stock Analysis page.