Triangle Energy (ASX:TEG) - Managing Director, Conrad Todd
Managing Director, Conrad Todd
Source: Conrad Todd/LinkedIn
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  • Triangle Energy (TEG) completes a bookbuild to raise $3.5 million via a placement to sophisticated and professional investors
  • More than 269 million new fully-paid ordinary shares will be issued to investors at 1.3 cents, a 13.3 per cent discount to Triangle’s closing price of 1.5 cents on April 28
  • Subject to shareholder approval, participants will receive one attaching option for every two shares subscribed for, exercisable at 2.5 cents with an expiry three years from issue
  • Triangle will use the money for the workover of the Cliff-Head 10 well and refurbish the oil storage tanks at the Arrowsmith Stabilisation Plant
  • Triangle ends the day 13.3 per cent in the red with shares trading at 1.3 cents

Triangle Energy (TEG) has completed a bookbuild to raise $3.5 million via a placement to sophisticated and professional investors.

A total of 269,230,769 new fully-paid ordinary shares will be issued to investors at 1.3 cents, a 13.3 per cent discount to Triangle’s closing price of 1.5 cents on April 28.

Subject to shareholder approval, participants will receive one attaching unlisted option for every two shares subscribed for.

These are exercisable at 2.5 cents each with an expiry date three years from issue.

Also subject to shareholder approval is the issue of 8,846,154 shares and 4,423,077 options to company directors for $115,000.

Triangle will use the money for the workover of the Cliff-Head 10 well, refurbish the oil storage tanks at the Arrowsmith Stabilisation Plant and pay the 3D seismic costs on the L7 and EP 473 permits.

“This capital raising will allow Triangle to progress its oil export route and through the CH10 workover to export more oil through it. The 3D seismic acquisition is underway, this is expected to enhance the exciting exploration potential of the L7 and EP 437 Permits,” Managing Director Conrad Todd said.

“The strong support for this placement from existing shareholders and new investors demonstrates that investors appreciate and approve of the turnaround in the company that commenced earlier this year.”

Triangle has ended the day 13.3 per cent in the red with shares trading at 1.3 cents.

TEG by the numbers
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