Triangle announces capital raising
Friday, March 20 2015 - 01:51 PM WIB
ASX-listed Triangle Energy (Global) Limited announced on Friday that it has raised funds to among others finance its exploration program at Pase PSC in Aceh.
The firm said it had raised a total of $200,250 before costs from a share placement to sophisticated investors at $0.001 per share and is offering eligible shareholders the opportunity to apply for new, fully paid ordinary shares in Triangle under a Share Purchase Plan (SPP). SPP Shares will be issued at $0.001 per share and total funds raised under the SPP will be capped at $600,000.
The company will use the funds raised under the SPP to progress the company?s new exploration program; to complete the issuance of the 20 year extension of the Pase PSC; to progress discussions with third parties regarding potential funding for the Pase field, farm-ins or off-take agreements; and to satisfy working capital expenses.
In February 2015, the company was informed by upstream authority SKK Migas that it has been awarded a 20 year extension to the Production Sharing Contract (PSC) with its joint venture partner, the Acehnese Government over the Pase oil and gas fields in Aceh.
Editing by Johannes Simbolon