Pilot Energy Limited (AU:PGY) has released an update.
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Pilot Energy Limited has secured a flexible funding option through an At-The-Market Subscription Agreement with Dolphin Corporate Investments, providing up to $7.5 million in standby equity capital over three years, with minimal dilution and without constraining the company’s ability to seek other financing methods. The arrangement allows Pilot to issue shares at its discretion, with the option to set a floor price, and the security for the deal is provided through the placement of Pilot shares to Dolphin, which can be bought back upon termination or maturity of the agreement.
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