Triangle Energy (Global) Ltd has received strong validation of its oil & gas strategy focused on the Perth Basin in WA after closing a non-renounceable entitlement offer significantly oversubscribed and raising more than $1.5 million.
Applications were received for more than 182 million shares representing $2,916,210, almost double the amount raised with strong support for the shortfall offer from existing shareholders, including directors.
“Overwhelming support”
Triangle’s managing director Conrad Todd said, “Triangle Energy Global (TEG) is pleased to see the overwhelming support from existing shareholders for our oversubscribed entitlement offer.
"The strong support demonstrates that shareholders appreciate and approve the company’s ongoing growth and development.”
Strong demand was received for the entitlement offer which raised $713,923 while the shortfall offer was heavily oversubscribed by eligible shareholders and raised $802,826.
Shortfall oversubscribed
There were more than 137 million applications received for the shortfall offer representing approximately $2.2 million with the company accepting applications for 50,176,490 shares.
The issue of securities under the entitlement offer and shortfall offer is expected to take place on Thursday, March 28, 2024.
Use of funds
Funds will be used for exploration and drilling of Triangle’s Perth Basin assets (L7 and EP437) as well as for general working capital purposes.
"This capital raising will allow Triangle to explore and drill Triangle’s Perth Basin assets comprising L7 and EP437 Permits,” Todd said.
All new shares issued in the entitlement offer will be issued as fully paid and will rank equally in all respects with the existing shares on issue.
Options to be issued
Under the offer, the company will also issue one free attaching new option for every two shares subscribed.
Accordingly, 47,398,404 new options will be issued, each exercisable at $0.025 and expiring on June 30, 2025, in the same class as the company’s existing listed options (ASX:TEGO).