White Energy Company Limited (ASX: WEC, OTC: WECFF) ('White Energy' or 'the Company') is pleased to announce a partially underwritten, non-renounceable pro rata entitlement offer of 5 new ordinary fully paid shares (Offer Share) for every 12 existing shares (Shares) held in the Company as at 7:00 p.m. (AEDT) on Monday, 24 November 2025 (Record Date) at an issue price of $0.027 per Offer Share (Issue Price) to raise approximately $3.5 million before costs (Entitlement Offer).
The substantial shareholders of the Company, being entities associated with the Company's Non-Executive Chairman, Mr Brian Flannery, and Gaffwick Pty Ltd, have committed to take up their full entitlement in the Entitlement Offer.
The Entitlement Offer is partially underwritten by Morgans Corporate Limited, up to an amount of approximately $400,000, being the balance of the amount being raised under the Entitlement Offer after accounting for the commitments of the substantial shareholders. Other directors of the Company who hold Shares (either directly or indirectly), being Mr O'Rourke and Mr Whitehouse, also intend to take up some of their entitlements.
The Entitlement Offer will be available to shareholders who, as at the Record Date, have a registered address in Australia or New Zealand or are shareholders that the Company has otherwise determined are eligible to participate in the Entitlement Offer (Eligible Shareholders). Shareholders who are not Eligible Shareholders are not eligible to participate in the Entitlement Offer (Ineligible Shareholders). Eligible Shareholders who have taken up their full Entitlement may also subscribe for additional Offer Shares (Additional Shares) in excess of their Entitlement from a pool of those Entitlements not taken up by other shareholders of the Company at the Issue Price (Shortfall Facility). There is no guarantee that applicants for Additional Shares will receive all or any of the Additional Shares they apply for
Use of Funds
The Company intends to use the proceeds of the Entitlement Offer as follows: to fund further mineral exploration as follows: o in the Specimen Hill Project in Queensland (the subject of the farm-in agreement notified to the market by ASX release dated 7 February 2024), ongoing rock chip sampling together with field mapping and geophysical surveys, landowner payments and a drilling program; o in the Robin Rise project in South Australia, for the purposes of landowner payments and tenement renewal expenses; o in the Tindal project in Northern Territory, further ionic geochemistry samples and geophysical surveys to refine and constrain target areas for further exploration and o in the Maranoa project in Queensland, follow-up mapping and additional sampling activities; for general corporate purposes, and additional working capital and to pay the costs of the Entitlement Offer. Where the bovementioned uses are needed to be paid or part paid prior to completion of the Entitlement Offer, these will be paid through an unsecured Director loan from an associated entity of Mr Brian Flannery, therefore a use of funds could be to repay any such loan.
Contact:
Mr Greg Sheahan
Chief Executive Officer
Email: info@whiteenergyco.com
Tel: +61 7 3229 9035
Forward Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. These forwardlooking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. In some cases, you may identify forward-looking statements by words such as 'may,' 'should,' 'plan,' 'intend,' 'potential,' 'continue,' 'believe,' 'expect,' 'predict,' 'anticipate' and 'estimate,' the negative of these words or other comparable words. These statements are only predictions. One should not place undue reliance on these forward-looking statements. The forward-looking statements are qualified by their terms and/or important factors, many of which are outside the Company's control, involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially from the statements made. The forward-looking statements are based on the Company's beliefs, assumptions and expectations of our future performance, taking into account information currently available to the Company. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company. Neither the Company nor any other person assumes responsibility for the accuracy or completeness of these statements. The Company will update the information in this press release only to the extent required under applicable securities laws. If a change occurs, the Company's business, financial condition, liquidity and results of operations may vary materially from those expressed in the aforementioned forward-looking statements.
Not an offer in the United States
This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or in any other jurisdiction in which such an offer would be unlawful. The Offer Shares have not been, and will not be registered under the US Securities Act of 1933, as amended (US Securities Act) or the securities laws of any state or other jurisdiction of the United States. Accordingly, the Offer Shares may not be offered or sold, directly or indirectly, in the United States unless they have been registered under the US Securities Act (which the Company has no obligation or intention to do or procure), or are offered and sold in a transaction exempt from, or not subject to, the registration requirements of the US Securities Act and any applicable U.S. state securities laws. The information in this announcement is of general background and does not purport to be complete. It should be read in conjunction with the Company's other periodic and continuous disclosure announcements lodged with ASX Limited, which are available at www.asx.com.au.
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