Pilot Energy Limited announced that it will issue 129,411,765 common shares at a price of AUD 0.017 per share for gross proceeds of AUD 2,200,000 on July 11, 2022. The company will also issue one new call option for every two new shares issued to investors, resulting in a total of 64,705,882 new Options being issued. The options will be unlisted, have a three-year term to expiry and an exercise price of AUD 0.033. The transaction will be completed in two tranches. The transaction will include participation from directors of the company for 2,000,000 shares and AUD 34,000. The company will issue 98,000,000 shares in its first tranche. The remaining 31,411,765 shares for proceeds of AUD 534,000 will be completed in the second tranche. The transaction is subject to approval from general meeting of shareholders to be held on August 19, 2022. The first tranche is expected to close on July 14, 2022.