08/12/2011 - 12:23

Triangle raises $9.75m for gas field

08/12/2011 - 12:23


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Triangle raises $9.75m for gas field

Perth-based gas production and exploration company Triangle Energy has won backing from investment group Standard Chartered Private Equity (Singapore), which has agreed to subscribe for $9.75 million in convertible unsecured notes.

The funds will be used to finance development of their Pase field in Indonesia, and further exploration on the Pase production sharing contract area.

The notes have a 3-year maturity date set from the issue of the first tranche, and can be converted into Triangle shares at a conversion price of 3 cents per share. An 8 per cent p.a. coupon rate is payable annually in arrears.

Triangle, led by executive chairman John Towner, said Standard Chartered would have an approximate 18.3 per cent interest stake in the company if all of the notes were converted to shares.

The issue consisted of a first tranche of $3.4 million, issued tomorrow, and a second tranche of $6.3 million. The second tranche is subject to approval by Triangle shareholders, and will be forwarded shortly to SCPE if approved.

Triangle Energy shares are trading on the ASX at 2.8 cents.



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