Bass Oil has completed a $2.5 million capital raise in new funding from both the placement and the non-renounsable rights issue.
On 26 August, Bass received binding commitments to raise $1 million from sophisticated and professional investors through the issue of 500 million new ordinary shares at $0.0003 per share.
Each two shares subscribed for under the placement will include the grant of one free attaching option exercisable at $0.004 on or before 30 September 2024.
In the same announcement, Bass also released a one-for-five fully underwritten pro-rata, non-renounsable rights issue to eligible shareholders to raise around $1.5 million.
Now that the company has completed the capital raise, Bass intends to use the funds to finalise the acquisition of Cooper Basin assets from Cooper Energy.
“Bass is pleased to announce the completion of a successful capital raising of $2.5 million to fund the company’s growth initiatives,” said Managing Director Tino Guglielmo.
“To that end, Bass has secured a foothold in the Cooper Basin by acquiring a suite of assets from Cooper Energy Limited, which provides instant production and substantial exploration upside.
“It represents an important first step in our strategy to acquire high-quality assets in the region and allows us to work alongside Beach Energy as the operator, a leading player in the region.”
Guglielmo said the company aims to build Bass’s Cooper Basin portfolio to over 1,000 bopd.
Bass is currently reviewing a number of opportunities in the market, with technical and commercial evaluations progressing on shortlisted opportunities.
“With a diversified and stable foundation of production assets now set, Bass looks forward to delivering on the strategy and updating shareholders as we grow.”
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