Elixir Energy (ASX: $EXR) Placement Announcement

Elixir Energy Limited (ASX: $EXR) has successfully secured a $6.5 million share placement from institutional and sophisticated investors. The funds raised will primarily be utilized to expand the imminent Daydream-2 stimulation and testing program. The placement involves the issuance of approximately 76 million new shares at a price of 8.5 cents per share, with participants also receiving Elixir's currently listed options (EXROB) at a ratio of one option for every three placement shares issued. The new shares are expected to be issued on 19 December 2023.

Executive Commentary on Placement

Following last week's very exciting news of free flowing gas from Daydream-2, we are pleased to procure this financial backing from existing and new shareholders. Although our balance sheet is in good shape anyway, this raising will allow us to aggressively pursue an expansion of the stimulation and testing plans at Daydream-2.

Summary of Elixir Energy's Placement Announcement

Elixir Energy Limited (ASX: $EXR) has successfully secured a $6.5 million share placement to institutional and sophisticated investors. The funds raised will primarily be used to expand the multiple stage stimulation and flow testing program at the Company's Daydream-2 well, following the recent free gas flow announcement. The placement involves the issuance of approximately 76 million new shares at a price of 8.5 cents per share, with participants also receiving Elixir's currently listed options (EXROB) at a ratio of one option for every three placement shares issued. The new capital raise reflects the company's commitment to aggressively pursue its expansion plans and capitalize on the recent positive developments. Elixir Energy's focus on enhancing the Daydream-2 program demonstrates its dedication to advancing its strategic initiatives and maximizing the potential of its assets.