Whitebark Energy Raises $2.2m for Rex 4 well
- Oil and gas explorer Whitebark Energy (WBE) receives firm commitments to raise $1.1 million via a share placement
- The funds will be raised through the issue of more than 733 million new ordinary shares to sophisticated and professional investors at 0.15 cents
- Whitebark has also received commitments to raise $1.1 million under a convertible note to be converted into more than 733 million shares at the same price as the placement
- The company will use the $2.2 million to bring the Rex 4 well into production which is expected to produce around 155,000 barrels of oil and 1.3 billion cubic feet of gas
- Shares in Whitebark are steady on the market and are trading at 0.2 cents at 2:23 pm AEST
