Kinetiko Energy (ASX: $KKO) entitlement offer results

Kinetiko Energy Limited (ASX: $KKO) has announced the outcome of its renounceable pro-rata entitlement offer, which aimed to raise up to approximately $5,056,006 through the issuance of 84,266,771 fully paid ordinary shares at an issue price of $0.06 per new share. The offer was made to eligible shareholders in Australia, New Zealand, and certain other shareholders, with a significant uptake of approximately 99.99% of the maximum subscription.

Executive commentary on entitlement offer results

The company is pleased with the strong response from eligible shareholders, resulting in the issuance of 84,266,769 new shares and raising approximately $5,056,006. The successful outcome of the entitlement offer demonstrates the confidence and support of our shareholders in Kinetiko's strategic initiatives and future prospects.

Summary of Kinetiko Energy's entitlement offer results

Kinetiko Energy (ASX: $KKO) has successfully completed its entitlement offer, raising approximately $5,056,006 through the issuance of 84,266,769 new shares. The overwhelming uptake of the offer reflects the confidence of eligible shareholders in the company's direction and growth prospects. The company will proceed with the issuance of the new shares and will refund the excess amount of approximately $316,180 to relevant eligible shareholders in accordance with the offer document. Kinetiko Energy remains focused on executing its strategic plans and leveraging the raised capital to drive its corporate objectives and value creation for its shareholders.