88 Energy confirms plans for capital raising

88 Energy confirmed on Wednesday that it was looking to raise between AUS$10m (£5.3m) - $10M (£8m) cash through a placing of new shares at 3.5 cents each.

Earlier in the day it had said trading in its Australian securities had been suspended, but that trading on AIM would continue.

“It is currently intended that any such capital raising will utilise the company's existing authorities and will not be subject to shareholder approval,” the company said in a statement.