Triangle appoints Mac Equity Partners as lead manager in capital raising
Tuesday, March 10 2015 - 01:05 AM WIB
ASX-listed Triangle Energy (Global) Limited said it has appointed Mac Equity Partners as lead manager for a capital raising to sophisticated investors to help finance the development of the Pase field in Aceh.
The company said in a statement Tuesday it will issue the placement shares utilizing its 15 percent existing placement capacity under ASX Listing Rules 7.1.
Funds raised will be used for working capital in order for the company to proceed with its aggressive exploration program for the Pase field in Aceh Province, Indonesia.
Triangle has operated the Pase PSC which covers an area of 922km2 in Aceh Province, North Sumatra.
In February 2015 Triangle was awarded a 20 year extension to the PSC effective from 24th February 2012, the date the original PSC expired. The PSC extension enables Triangle to execute its aggressive exploration program, which has been suspended during the past 3 years while remaining the temporary operator of Pase. Triangle is now positioned to further demonstrate success in exploration, development and operation of the Pase PSC.
Editing by Reiner Simanjuntak