Galilee Energy entitlement offer details

Galilee Energy Limited (ASX:GLL) has successfully completed a non-renounceable entitlement offer, raising approximately $2.08 million at an issue price of $0.012 per share. The offer involved the issuance of 173,369,752 new shares, with 115,273,964 of the new shares being issued under underwriting arrangements by Canaccord Genuity (Australia) Limited. The new shares subscribed for under the offer and the shortfall offer commenced trading on the ASX on 23 September 2024.

Executive commentary on completion of entitlement offer

Mr Ray Shorrocks, Executive Chairman of Galilee Energy, expressed satisfaction with the outcome, stating, 'This is an excellent result and sets the platform for the execution of the Merger with Vintage Energy, which is currently progressing under the Scheme of Agreement to be voted on by shareholders later this year. I would also like to take this opportunity to thank shareholders for their continued support and patience.'

Summary of Galilee Energy's entitlement offer and future plans

Galilee Energy's successful completion of the entitlement offer, underwritten by Canaccord Genuity, has raised approximately $2.08 million, setting the stage for the execution of the Merger with Vintage Energy. The issuance of new shares and the shareholder shortfall offer marks a significant milestone for the company. The upcoming Scheme of Agreement vote by shareholders for the merger with Vintage Energy indicates a strategic move towards further expansion and development. Galilee Energy's ambition to become an integrated and diversified sustainable energy company, along with its position as a key supplier of natural gas to the least coast market of Australia, reflects the company's commitment to sustainable energy. The Glenaras Gas Project in Queensland's Galilee Basin, owned entirely by Galilee Energy, holds one of the largest uncontracted natural gas resources on the least coast of Australia. The company's focus on environmental credentials, including the production of fresh water from its coals for beneficial use in crop production and low CO2 levels, positions it to be a significant supplier of sustainable energy. With the successful completion of the entitlement offer, Galilee Energy is poised to advance its corporate strategy and pursue its goals for sustainable energy production and supply.