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HYTERRA LTD — Capital/Financing Update 2013
May 15, 2013
65084_rns_2013-05-15_5e889adb-3019-40fd-9ce2-bef1dc0455bb.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
16 May 2013 By e-lodgement
CAPITAL RAISING AND WELL PROGRAMME UPDATE
PLACEMENT AND SHARE PURCHASE PLAN (SPP)
Triple Energy Limited (ASX: TNP, Triple ) is pleased to announce it has agreed a fully-subscribed placement of approximately 45.45 million new fully paid ordinary shares to sophisticated and professional investors at 2.2 cents per share to raise approximately $1 million before costs ( Placement ). Shareholder approval is not required for the Placement as it falls within the 15% placement capacity available to the Company under Listing Rule 7.1.
In conjunction with the Placement, Triple is pleased to announce it will make an offer to all eligible shareholders to participate in a Share Purchase Plan ( SPP ). The SPP offer will also be priced at 2.2 cents per share, providing the opportunity for all existing shareholders to participate in this issue on the same terms as sophisticated and professional investors taking part in the Placement.
The funds raised will be applied towards drilling at the Company’s Coal Mine Gas (CMG) project located in the Heilongjiang province in the People’s Republic of China and general working capital. In particular it is anticipated that these supplemental funds will enable the Company to ensure that the technical scope of the first two planned wells allows for the acquisition of sufficient data to advance the project towards development.
The Board is very pleased with the contribution by Patersons Securities Limited as Lead Manager to the capital-raising and looks forward to welcoming the new shareholders to the register.
SHARE PURCHASE PLAN
Eligible shareholders will be able to apply for up to $15,000 under the SPP offer. The record date for determining shareholder eligibility to participate in SPP is 15 May 2013, which is the last business day preceding this announcement of the SPP offer ( Record Date ). Eligible shareholders can apply for up to $15,000 worth of shares in the SPP offer regardless of the number of shares they held on the record date.
The Company intends to cap funds raised under the SPP at $500,000, equating to approximately 22.73 million new ordinary fully paid shares in the capital of the Company. Triple has approximately 999 registered shareholders as at 15 May 2013 and applications will be accepted on a first come, first served basis.
The SPP offer document is being prepared and is expected to be despatched to eligible shareholders next week. The offer to purchase shares under the SPP will be made without a product disclosure document in accordance with an ASIC Class Order allowing ASX listed companies to offer their existing shareholders the opportunity to acquire additional shares in the Company without the need for a prospectus under Part 6D.2.
Triple Energy Ltd ACN 116 829 675 Unit 15, Level 1, 100 Railway Road, Subiaco, WA 6008 Tel +61 8 9381 3322
Mobile +61 408557821 Email [email protected] Web www.tripleenergy.net
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WELL PROGRAMME UPDATE
The drilling unit is now ready to mobilise to the site of the first well.
However the area has experienced heavy rain in the past week which has made the drill pad too boggy to enter with the rig. Currently operations are the design and fabrication of a steel/wood mesh system for the drill pad to prevent the rig bogging.
The necessary ancillary equipment required is all now all available at the location or in transit from the respective factories.
Once the rig is able to enter the drilling pad, it will be prepared for drilling operations including the health and safety induction procedures. Drilling activities will commence as soon as practically possible.
The well is expected to take 20 days to drill to total Depth of around 900 metres with testing procedures taking around another 5-10 days.
The Board accepts that this well has taken some time beyond original guidance to spud and wishes to assure shareholders and investors that the delays have been for the very most part beyond the Company’s control. Everyone involved on the project with Triple is working diligently towards drilling it as soon as is practically possible.
CONTACT DETAILS FOR FURTHER INFORMATION:
Paul Underwood T: + 61 (0) 408 557 821 E:[email protected]
Triple Energy Ltd ACN 116 829 675 Unit 15, Level 1, 100 Railway Road, Subiaco, WA 6008 Tel +61 8 9381 3322
Mobile +61 408557821 Email [email protected] Web www.tripleenergy.net