Triangle raises over $1m via entitlement issue, placement

By Ruli Setiawan

ASX-listed Triangle Energy (Global) Limited said Thursday it has raised a total of US$1.062 million from the non-renounceable pro-rata entitlement offer and share placement.

As previously announced the entitlement issue raised a total of approximately $188,019 (before costs). Triangle said in a statement that it has placed the remaining 629,218,043 shortfall shares under the shortfall offer that were not taken up by eligible shareholders under the entitlement issue at $0.001 to raise a further $629,218.

In addition to closing the entitlements offer, the company has raised a further $245,000 via the previously announced intended placement to sophisticated investors of 245,000,000 shares at $0.001. The shares were issued pursuant to the company?s 15 percent placement capacity under ASX Listing Rule 7.1

?The funds raised will be used for the ongoing review and evaluation on existing projects, review and evaluation of new projects, and working capital while the company pursues the award of a new long term Production Sharing Contract (PSC) to operate the Pase field in Aceh Province, Indonesia,? said Triangle, which is currently the temporary operator of the block.

The company also announced that Robert Towner and Darren Bromley have been appointed as Directors of Triangle?s Board of Directors, replacing John Towner and Steve Hamer who have resigned from the board.

Editing by Reiner Simanjuntak