TMK Energy Limited (ASX: TMK) has secured AU$2.5 million in a Placement, supported by sophisticated investors, to expedite gas flow rates at Nariin Sukhait. The Placement offers attaching options at AU$0.008 per share, enhancing leverage. Additionally, a Share Purchase Plan (SPP) will allow existing shareholders to invest up to AU$1.5 million at the same terms.
The capital raise aims to finance additional infill production wells at the Gurvantes XXXV Coal Seam Gas Project. TMK's CEO, Brendan Stats, highlights the importance of modest capital raise and shareholder participation. The company plans to utilize funds for drilling and commercialization efforts, anticipating significant growth potential. Joint Lead Managers, Bell Potter and PAC Partners, facilitated the Placement, receiving management and selling fees. The SPP, subject to shareholder approval, opens opportunities for further investment, contributing to TMK's strategic objectives.
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