Whitebark Energy (ASX: $WBE) capital raise announcement

Whitebark Energy Limited (ASX: $WBE) has announced a capital raise of up to A$1.5 million through a placement to sophisticated and professional investors, and a subsequent non-renounceable entitlement offer to eligible shareholders. The funds raised will be used to accelerate the development of the company's EPG2037 and EPG2040 assets and advance both assets to the Final Investment Decision stage, as well as developing the Warro asset and other geothermal assets in the portfolio.

Executive commentary on capital raise and use of funds

We are very pleased with the strong support that has been received for the placement, particularly at such a critical point in our company's long term growth strategy. The funding represents a key driver to the development of our Queensland-based geothermal assets, EPG2037 and EPG2049 where our preliminary work indicates ideal characteristics to support geothermal production and subsequent hydrogen production. We are grateful to our shareholders for their continued support and are pleased to offer them the opportunity to participate in the capital raising via the entitlement offer.

Summary of Whitebark Energy's capital raise and outlook

Whitebark Energy Limited (ASX: $WBE) has successfully secured commitments for a capital raise of up to A$1.5 million to accelerate the development of its geothermal assets, particularly the EPG2037 and EPG2040 assets for hydrogen production. The company aims to be the first in Australia to commission a commercial geothermal project and is strategically focused on the development and acquisition of commercially viable assets with near-term cash flow opportunities. The capital raise will also be used to progress geothermal activities associated with EPG 2050 as well as the Company's Warro asset in Western Australia. The strong support for the placement reflects confidence in the company's strategic focus on developing a geothermal energy portfolio. The company's chairman, Mark Lindh, expressed gratitude to shareholders for their continued support and emphasized the importance of the funding in driving the development of the geothermal assets. Whitebark Energy's commitment to the development of geothermal energy aligns with the growing emphasis on renewable energy sources, and the company's ambitions to economically produce geothermal energy and hydrogen production indicate a promising outlook for its corporate strategy.