Triangle Energy Raises $3.6 Million to Progress Cliff Head Renewal Project

THE BOWSER: Triangle Energy (ASX: TEG) has raised $3.6 million having received commitments from both professional and sophisticated investors.

Triangle Energy said the investors had collectively subscribed for 48 million new ordinary shares at 7.5 cents per new share.

In the company’s announcement to the Australian Securities Exchange, managing director Rob Towner said funds raised would be used to replenish funds following the acquisition of long lead items to return CH-13 to production and provide working capital to allow the company to progress the Cliff Head Renewal Project to FID.

“We are pleased the Placement received support from our existing shareholders and we also welcome a range of new institutional and sophisticated investors to our register,” Towner said.

“Triangle continues to progress its Cliff Head Renewal Project and its wider Perth Basin oil strategy and to investigate attractive additional development projects.

“We look forward to reporting on project developments and successes throughout the remainder of the year.”