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.
Adelaide-based Pawnee expects to issue a prospectus on November 21 that will seek to sell 40 million shares at 20 cents each. A placement of 4 million shares will be made to Lateral Energy, a company associated with former Sundance Energy founder and managing director Jayme McCoy, which will have a 7.8 per cent stake.
Pawnee hopes to have a total of 51.4 million shares trade on the ASX with a market value of $10.3 million by the middle of December. The company plans to buy acreage in Kansas as well as Colorado.