Argonaut acted as Lead Manager and Underwriter to successfully raise A$5.03 million for Triangle Energy (Global) Ltd (ASX:TEG) (“Triangle” or “the Company”). The funds were raised by way of a A$1.25 million placement to professional and sophisticated investors and a A$3.78 million underwritten pro-rata entitlement offer, at an issue price of A$0.065 per share. Tamarind Resources Pte Ltd, Triangle’s long-term supportive shareholder, cornerstoned the Entitlement Offer.
The funds are to be applied towards Triangle’s acquisition of an additional 15% interest in the Xanadu TP15 Joint Venture from Whitebark Energy, work over of the Cliff Head Oil Field wells Ch12 and CH)7 and for working capital.
Commenting on the Placement, Triangle’s Managing Director, Robert Towner, said:
“Our increased interest in the Xanadu Joint Venture complements our strategy of growth in the Perth Basin and has the potential to utilise the processing plant at Cliff Head’s Arrowsmith Stabilisation Plant. We believe that creating synergies among projects will benefit shareholders and we look forward to reporting on project developments and successes in 2019.”
Argonaut is delighted to continue to provide support to Triangle and looks forward to our ongoing work with the Company.
Additional information regarding Triangle can be found on the Company’s website at www.triangleenergy.com.au.