Buru Energy  today announced a successful share placement, receiving firm commitments from institutional, professional and sophisticated, investors to raise a total of $15 million before costs. The Company will also undertake a Share Purchase Plan (SPP) of up to $5 million for existing shareholders.

HIGHLIGHTS 

• Placement of $15 million strongly supported by institutional, professional and sophisticated investors
• Share Purchase Plan to raise up to $5 million opening on 6 May 2021
• Funds raised to strengthen Buru’s balance sheet for 2021 exploration and development program and subsequent activities

Executive Chairman Eric Streitberg said,
“The strong support for this raising reflects the exciting exploration program due to commence in mid-June on our world class Canning Basin prospects, and the future participation by the Company in the integrated energy economy.

This is the first capital raising undertaken by Buru outside our existing shareholder base since 2014 and we would like to warmly welcome those new shareholders who have supported the Placement. We would also like to thank our existing shareholders for their continued support of Buru, and are pleased to provide an opportunity for all eligible shareholders to further participate in their Company via the SPP which I am also pleased to be able to participate in.

The funds raised will put Buru in a strong financial position to execute its exploration and development strategy within its Canning Basin joint ventures as part of our 2021 program and beyond, as well as to pursue new business opportunities.”

KeyFacts Energy: Buru Energy Australia country profile