88 Energy : Proposed issue of securities - 88E

Proposed issue of securities

Announcement Summary

Entity name

88 ENERGY LIMITED

Announcement Type

New announcement

Date of this announcement

2/9/2021

The Proposed issue is:

A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

		Maximum Number of
ASX +security code	+Security description	+securities to be issued
New class-code to be	Unlisted Options exercisable at $0.05 on or before the date	50,000,000
confirmed	which is 3 years from the date of issue.
88E	ORDINARY FULLY PAID	855,856,369
Proposed +issue date
10/9/2021

Refer to next page for full details of the announcement

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Proposed issue of securities

Part 1 - Entity and announcement details

1.1 Name of +Entity

88 ENERGY LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2	Registered Number Type	Registration Number
ABN	80072974179
1.3	ASX issuer code
88E

1. The announcement is New announcement
2. Date of this announcement

2/9/2021

1.6 The Proposed issue is:

A placement or other type of issue

Proposed issue of securities

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Proposed issue of securities

Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis?

Yes

7A.1a Conditions

Approval/Condition	Date for determination	Is the date estimated or
+Security holder approval	1/11/2021	actual?
Estimated
Comments

• Approval received/condition met?

No

Shareholder approval will be required for the issue of 50,000,000 options to Euroz Hartleys, Cenkos and Inyati Capital per the ASX announcement lodged on 2 September 2021.

Part 7B - Issue details

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)?

Existing class

Will the proposed issue of this +security include an offer of attaching +securities?

No

Details of +securities proposed to be issued

ASX +security code and description

88E : ORDINARY FULLY PAID

Number of +securities proposed to be issued

855,856,369

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration?

Yes

In what currency is the cash	What is the issue price per
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Proposed issue of securities

consideration being paid?	+security?
AUD - Australian Dollar	AUD 0.02800

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class?

Yes

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)?

New class

Details of +securities proposed to be issued

Will the proposed issue of this +security include an offer of attaching +securities?

No

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

Have you received confirmation from ASX that the terms of the proposed +securities are appropriate and equitable under listing rule 6.1?

No

ASX +security code

Will the entity be seeking quotation of the 'new' class of +securities on ASX?

No

+Security description

New class-code to be confirmed		Unlisted Options exercisable at $0.05 on or before the date which is 3 years
		from the date of issue.

+Security type

Options

Number of +securities proposed to be issued

50,000,000

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration?

No

Please describe the consideration being provided for the +securities

The 50,000,000 Unlisted Options will be issued to Lead Manager (Euroz Hartleys), Nominated Advisor (Cenkos) and Co Manager (Inyati Capital) for capital raising services provided for the Placement.

Proposed issue of securities

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Proposed issue of securities

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities

282,000.000000

Will all the +securities issued in this class rank equally in all respects from their issue date?

No

If some of the issued +securities do not rank equally

Is the actual date from which the +securities will rank equally (non-ranking end date) known?

No

Provide the estimated non-ranking end period

10 September 2024 (expiry date of options)

Please state the extent to which the +securities do not rank equally:

In relation to the next dividend, distribution or interest payment; or

For any other reason

Upon exercise and conversion of the options into ordinary shares, the options will rank equally with the existing class of ordinary shares on issue

Options details
+Security currency	Exercise price	Expiry date
AUD - Australian Dollar	AUD 0.0500	10/9/2024

Details of the type of +security that will be issued if the option is exercised

88E : ORDINARY FULLY PAID

Number of securities that will be issued if the option is exercised

One (1) ordinary share issued for every one (1) option exercised

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.

The Terms and Conditions of the Options will be included in a Notice of Meeting to be lodged shortly seeking approval for the issue of the Options.

Part 7C - Timetable

7C.1 Proposed +issue date

10/9/2021

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