Thread by @HarisRad88

$EEENF DILUTION CONCERNS ADDRESSED:

ASX Listing Rules under the Corporations Act state that an ASX company can raise capital BUT NOT at the expense of unfairly diluting shareholders. Thus, a maximum 15% Increase is allowed per every 12 month period. This is a Corporate Right.

$EEENF To make it easier for small to mid-cap entities to raise additional capital, Listing Rule 7.1A was introduced in 2012, to which SHAREHOLDER APPROVAL is required to raise this limit an additional 10% for the next 12 month period. This increase HAS to be renewed at every AGM

$EEENF These are two SEPERATE Placement Capacities (15% & 10%). They are NOT Inclusive of one another, meaning the company cannot issue securities totaling 25% in one shot. Also, this DOES NOT MEAN they will issue the full 25%. It's simply a Corp's right to have this flexibility.

$EEENF Attached are Last Year's AGM voting results (Held April 9th, 2020). 76.56% of Share Holders APPROVED the additional 10% Placement Capacity Mandate. They also RATIFIED all previous Security Placements (AKA confirmed their consent on the Issuing of Shares for Operations).

$EEENF With the 15% & 10% Placement Capacities, what did the company do? In 3 separate issues of securities, 88E Raised a total of $27,124,400, and spent $8,000,000 on Merlin operations. The remaining $19,124,000 will be used on further Merlin Ops, Harrier drilling, & Umiat.

$EEENF Why Umiat? As per the acquisition agreement, one of the conditions of the unit "stipulate a well commitment (exploration or appraisal) by August 31st, 2022. This is a project they must conduct next year in order to keep the leases, and the Capital raised will fund this.

$EEENF If there's cash in hand for Merlin, Harrier, and Umiat fieldwork, why are they requesting to exercise the 7.1A mandate at this years AGM for the 10% capacity increase? They plan on Production Testing Charlie-1 exploration well & to "pursue new opportunities that may arise"

$EEENF Aside from raising funds, what else can they use the 15% Placement Capacity for? Acquisitions! This is how they obtained Project Peregrine acreage in the first place in an off-market takeover bid from XCD Energy Limited. Money well spent. The placements are transparent.

$EEENF In the past year, 88E has aggressively acquired & expanded their asset portfolio. Peregrine & Umiat are the most notable, along with the under-the-radar purchase of 24,000 Acres in the ANWR region on January 6th. In one year, 88E more than doubled their footprint up North.

$EEENF The Alaska Department of Natural Resources will conduct a lease sale during the second 1/2 of 2021 on the North Slope that comprises of 5.1 Million Acres over 3,121 tracts. 88 likes to use Placement Funds to acquire new leases, so we can expect to add more assets this year

$EEENF SO, What's my point?

ASX is NOT the OTC. They have rules & regulations in place to protect shareholders, where transparency is forced and limitations are imposed. They have a plan which is executed WITH THE CONSENT of Shareholders.

Hope this helped address any concerns