12/04/2013 - 15:44

Titan placement raises $2.16m

12/04/2013 - 15:44

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Titan placement raises $2.16m

Titan Energy says it is on the lookout for new acquisitions after raising $2.16 million through a placement with Pendulum Capital.

Titan said it would issue 160 million shares priced at 1.26 cents each and 80 million free attaching options, exercisable at 3 cents each, to raise the funds.

Chairman Darren Levy said the funds would be used for new acquisition and exploration expenses.

The capital raising plan was first announced earlier this week.

“The directors believe that the early resolution of its funding requirements will facilitate the company’s ongoing exploration programme, in particular its plans to aggressively follow up the exciting recent oil discovery at Allen Dome in Texas,” Mr Levy said in a statement.

“The directors considered various other forms of equity funding, however the alternatives – such as pro-rate issue – involved an unacceptable time to completion and uncertainties with regard to their success.”

At close of trade today, Titan Energy shares were up 14.3 per cent, closing at 1.6 cents. 

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