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TRIANGLE ENERGY (GLOBAL) LIMITED — Capital/Financing Update 2021
Jun 22, 2021
65907_rns_2021-06-22_ddcb6300-1e53-478a-af8f-eb265675415f.pdf
Capital/Financing Update
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ASX Announcement
23 June 2021
ASX:TEG
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NON-RENOUNCEABLE ENTITLEMENT OFFER
Triangle Energy (Global) Limited ( Triangle / the Company ) (ASX: TEG ) is pleased to announce a pro-rata nonrenounceable entitlement offer ( Entitlement Offer ) to eligible shareholders of quoted options in the Company at an issue price of $0.001 each and on the basis of 1 new quoted option ( New Option ) for every 2 shares held on the record date. Each New Option will have an exercise price of $0.035 each and an expiry date of 4 August 2023.
Pursuant to the Entitlement Offer, the Company will issue up to 310,381,741 New Options to raise up to approximately $310,000 (before costs).
The Entitlement Offer is available to all shareholders ( Shareholders ) registered on the record date on 28 June 2021 ( Record Date ) whose registered address is in Australia or New Zealand ( Eligible Shareholders ).
Purpose of the Entitlement Offer
Subject to the satisfactory completion of the Entitlement Offer, funds raised from the issue of the New Options will be used towards the costs of the Entitlement Offer and for general working capital. Funds raised from the exercise of the New Options (if any) will be used towards continued development of the Company's existing projects and for general working capital.
Indicative Timetable
The New Options will be offered in accordance with the following indicative timetable:
| Event | Date |
|---|---|
| Lodgement of Prospectus with ASIC | 22 June 2021 |
| Lodgement of Appendix 3B and Prospectus with ASX | (Pre-market open) 23 June 2021 |
| Notice of Entitlement Offer sent to Option holders | 23 June 2021 |
| Securities quoted on an "EX" basis | 25 June 2021 |
| Record Date | 28 June 2021 |
| Prospectus and Entitlement and Acceptance Form despatched to Eligible Shareholders |
1 July 2021 |
| Last day to extend the Offer Closing Date | 23 July 2021 |
triangleenergy.com.au
Triangle Energy (Global) Limited ABN 52 110 411 428 Suite 2, 100 Havelock St, West Perth WA 6005 | PO Box 51 West Perth WA 6905 Australia
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| Offer Closing Date (5pm WST)* | 28 July 2021 |
|---|---|
| General Meeting | 28 July 2021 |
| Securities quoted on a deferred settlement basis | 29 July 2021 |
| Issue Date (9:00am WST) | 4 August 2021 |
| Deferred settlement trading ends | 4 August 2021 |
| Anticipated date for commencement of Quoted Options trading on a normal settlement basis |
5 August 2021 |
- All dates are indicative only and subject to change without prior written notice. Any extension of the Closing Date will have a consequential effect on the date of issue of the New Options.
Underwriter
CPS Capital Group Pty Ltd ( CPS / Underwriter ) has agreed to fully underwrite the Entitlement Offer.
Pursuant to the Underwriting Agreement, the Company has agreed to pay the Underwriter (or its nominee/s) an underwriting fee of 6% (exclusive of GST) of the total amount raised under the Offer.
Shortfall
Any Entitlement not taken up pursuant to the Entitlement Offer (if any) will form the Shortfall. Eligible Shareholders will not be entitled to apply for Quoted Options under the Shortfall ( Shortfall Options ).
The Directors reserve the right to issue Shortfall Options at their absolute discretion within three months of the Offer Closing Date, subject to any restrictions imposed by the Corporations Act and the Listing Rules. All Shortfall Options shall be issued on the same terms as the Quoted Options being offered under the Entitlement Offer (including the issue price).
Shortfall will be placed pursuant to the terms of the Underwriting Agreement. Applications for the Shortfall to satisfy the terms of the Underwriting Agreement are to be made by completing the Shortfall Offer Application Form and providing the Company with payment for those Shortfall Options in accordance with the instructions on the Shortfall Offer Application Form.
All decisions regarding the allocation of Shortfall Options will be made by the Underwriter (in consultation with the Company). Do not complete a Shortfall Offer Application Form unless directed to do so by or the Company.
triangleenergy.com.au
Triangle Energy (Global) Limited ABN 52 110 411 428 Suite 2, 100 Havelock St, West Perth WA 6005 | PO Box 51 West Perth WA 6905 Australia
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Effect on Capital Structure
The table below sets out the impact of the Entitlement Offer on the capital structure of the Company:
| Shares | Quoted Options |
Unquoted Options |
Performance Rights |
|
|---|---|---|---|---|
| Balance at the date of this Prospectus |
620,763,481 | Nil | 5,803,768 | 49,047,173 |
| Placement | 454,545,455 | 227,272,727 | ||
| Maximum to be issued pursuant to the Entitlement Offer |
Nil | 310,381,741 | Nil | Nil |
| Lead Manager Options | Nil | 135,000,000 | Nil | Nil |
| Total | 1,075,308,936 | 672,654,468 | 5,803,768 |
49,047,173 |
*Assuming no options are exercised, or performance rights converted into shares prior to the Record Date.
Prospectus
Details of the Entitlement Offer are contained in the Prospectus. A copy of the Prospectus is intended to be released to ASX shortly. The Directors of Triangle urge you to read the Prospectus carefully and seek advice from your financial adviser if you have any queries.
Approved for release by: The Board of Directors ENDS For more information: Mr Robert E T Towner Managing Director E: [email protected] Ph: +61 8 9219 7111 General shareholder enquiries: [email protected]
About Triangle Energy (Global) Ltd
Triangle Energy (Global) Ltd is an ASX listed (ASX:TEG) oil producer and explorer based in Perth, Western Australia. The Company has a 78.75% interest in, and is Operator of, the producing Cliff Head Oil Field, which includes the Arrowsmith Stabilisation Plant. Triangle also has a 50% share of the Mt Horner L7 production licence and a 45% equity interest in the Xanadu-1 Joint Venture located in the Perth Basin. Triangle also has a substantial equity interest in State Gas Ltd (ASX:GAS), which has an 100% operating interest in the Reids Dome production licence (PL 231) in Queensland. The Company continues to assess acquisition prospects to expand its portfolio of assets.
triangleenergy.com.au
Triangle Energy (Global) Limited ABN 52 110 411 428 Suite 2, 100 Havelock St, West Perth WA 6005 | PO Box 51 West Perth WA 6905 Australia