Beetaloo Energy Australia Limited (ASX:BTL) has announced that its Share Purchase Plan (SPP) aimed at raising $5 million has been fully underwritten. The company, which holds 28.9 million acres of highly prospective exploration tenements in the McArthur Basin and Beetaloo Sub-basins, Northern Territory, has identified significant conventional and unconventional hydrocarbon potential within these areas. This underwriting, secured with Blue Ocean Equities Pty Limited and Morgans Corporate Limited, who served as Joint Lead Managers to a prior placement, provides certainty for the capital raise.
The SPP, which commenced on 27 April 2026, is scheduled to close at 5:00pm (AEST) on Monday, 25 May 2026. The issue of shares under this plan is contingent upon obtaining shareholder approval at the company’s Annual General Meeting (AGM), set for 9:30am (AEST) on Friday, 29 May 2026. With the underwriting now in place, Beetaloo Energy anticipates the SPP shares will be issued on or about 3 June 2026, with quotation on the ASX expected to commence around 4 June 2026.
In conjunction with the SPP, Beetaloo Energy has released a supplementary notice of AGM. This notice introduces an additional resolution seeking shareholder approval for the potential issue of any SPP shortfall shares to the underwriters, or their nominated sub-underwriters, in accordance with ASX Listing Rules. This approval, sought under Listing Rule 7.1, aims to preserve the company’s flexibility to issue further equity securities in the future without impacting its general placement capacity. The maximum value of these shortfall shares will not exceed $5 million and will be issued at $0.28 per share, matching the SPP and placement price.
