Triangle Energy raises $3.6m from successful placement
Triangle Energy (Global) (ASX: TEG) has received irrevocable commitments to raise AU$3.6 million from both professional and sophisticated investors who subscribed for 48,000,000 new ordinary shares at AU$0.075 per new share.
· Placement to raise AU$3.6 million
· Placement will enable Triangle to continue to deliver on the Perth Basin growth strategy, with proceeds to be used to:
· finalise the replacement of the CH-13 electrical submersible pump (ESP);
· provide working capital to allow the Company to progress the Cliff Head Renewal Project to final investment decision (FID); and
· provide general working capital.
10,064,476 of the Placement shares will be issued under the Company’s placement capacity under ASX Listing Rule 7.1A, and the remaining 37,935,524 Placement shares will be issued under the Company’s placement capacity under ASX Listing Rule 7.1.
Upon completion of the Placement, the 48,000,000 new shares will represent approximately 13.3% of the share capital of the Company, which will now have 360,753,682 ordinary shares on issue.
Triangle’s Managing Director, Mr Rob Towner said funds raised would be used to replenish funds following the acquisition of long lead items to return CH-13 to production and provide working capital to allow the Company to progress the Cliff Head Renewal Project to FID.
“We are pleased the Placement received support from our existing shareholders and we also welcome a range of new institutional and sophisticated investors to our register.
"Triangle continues to progress its Cliff Head Renewal Project and its wider Perth Basin oil strategy and to investigate attractive additional development projects. “We look forward to reporting on project developments and successes throughout the remainder of the year,” Mr Towner said.