Macallum New Energy has completed the first tranche of its placement, raising A$2.88 million before costs through the issue of 20.6 million shares. The company has also lodged a cleansing notice confirming that no excluded information required disclosure at the notice date.
- A$2.88 million raised before costs
- 20,598,502 new shares issued at A$0.14 each
- Tranche 1 of the previously announced placement completed
- Section 708A(5)(e) cleansing notice lodged
- No excluded information identified for disclosure
First Placement Tranche Raises A$2.88 Million
Macallum New Energy Limited (ASX:MNE) has completed the first tranche of its capital raising, bringing in A$2.88 million before costs at an issue price of A$0.14 a share. The company issued 20,598,502 new fully paid ordinary shares under the transaction.
The completion gives Macallum a substantial portion of the approximately A$3 million placement announced in late October. That earlier transaction was framed as supporting Perth Basin exploration and farm-out work, with potential drilling targeted for the second half of 2027, although this completion notice does not restate the intended use of the funds. The raising was covered in the October placement agreement, which provided for two tranches and 21.46 million new shares in total.
Cleansing Notice Confirms Disclosure Position
Alongside the share issue, Macallum lodged a cleansing notice under section 708A(5)(e) of the Corporations Act. The notice states that the shares were issued without disclosure to investors under Part 6D.2 and that the company had complied with the relevant Chapter 2M, section 674 and section 674A requirements as at 3 November.
Macallum also stated that there was no excluded information requiring disclosure at the date of the notice. The filing does not disclose the company's post-issue share count, the net proceeds after costs or whether the second tranche has been completed, leaving those details as the next practical points for shareholders to track.
Bottom Line?
The cash has arrived, but the investment case now turns on how much of the broader placement is completed and how the proceeds advance the planned exploration program.
Questions in the middle?
- What will be the company's total share count after all placement tranches and any approved participation?
- How much of the A$2.88 million will remain available after transaction costs?
- Will the funds move Macallum closer to a farm-out or potential late-2027 drilling decision?