Oil explorer Pawnee to list on ASX

The company plans to raise $8 million via a share sale.

Pawnee Energy Ltd, an oil explorer in the US Midwest and Rockies, plans to list on the ASX in December by changing the name of Island Sky Australia Ltd after the sale of $8 million worth of shares. The proceeds will be used to acquire acreage and fund drilling as well as operations.

A November 21 extraordinary general meeting will vote on consolidating Island Sky’s 328.6 million ordinary shares on a 50 to one basis. Former Island Sky shareholders will end up with a 12.8 per cent shareholding in Pawnee.

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