Triangle closes share purchase plan

By Ruli Setiawan

ASX-listed Triangle Energy (Global) Limited said it has received another $285,000 from a share purchase plan (SPP) which was closed on April 8.

The company last month raised $200,250 before cost from a share placement to sophisticated investors, thus making the total funds raised so far to $485,250 to help finance exploration program at the Pase PSC in Aceh.

The company said in a statement Wednesday that it will use the funds raised under the SPP for the following purposes:
(a) to complete the issuance of the 20 year extension of the Pase PSC;
(b) to finalize preparatory work on the execution phase of the company?s new exploration program;
(c) to progress discussions with third parties regarding potential funding for the development of the Pase field; and
(d) to satisfy working capital requirements.

Elsewhere, Triangle said the SPP was offered to provide existing shareholders the opportunity to purchase up to $15,000 worth of SPP Shares, irrespective of the number of shares held in the company at an issue price of $0.001 per share direct from the company free from brokerage and other transaction costs. It also offers eligible shareholders the opportunity to support the growth of the company by making a direct cash investment in Triangle.

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 Reiner Simanjuntak