Elixir Energy Secures $5m for Strategic Review
Key points
- Elixir Energy raises $5 million via placement to institutional and sophisticated investors
- Funds will support testing at Lorelle-3H and Diona-1 and initiate a strategic review
- Strategic review aims to maximize shareholder value and accelerate development
Full summary
Elixir Energy Ltd has secured firm commitments for a $5 million placement to institutional and sophisticated investors, utilizing its LR 7.1 capacity. The funds will be used for a 60-day soak and second phase flow testing at Lorelle-3H, artificial lift and flow testing at Diona-1, and to initiate a strategic review. The review will consider options including retaining and self-funding development, partial or full farm-outs, corporate transactions, or a combination. The placement price of $0.04 per share represents a 20% discount to the last closing price. The company aims to maximize risk-adjusted shareholder returns, accelerate appraisal, and provide access to capital, technical capability, and offtake relationships.
Outlook
Elixir Energy aims to maximize shareholder returns, accelerate appraisal, and provide access to capital and technical capability.
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