- Triangle Energy (TEG) has launched a share purchase plan (SPP) to raise up to $1 million to support works in the Perth Basin
- It follows the successful completion of a $2.2 million placement to sophisticated and professional investors
- SPP shares will offered at three cents, an 18 per cent discount to the five-day volume weighted average price
- The issue price of three cents represents an 18 per cent discount to the five-day volume-weighted average price
- The workover will enable Cliff Head production to be ramped up from around 600 to approximately 1000 barrels of oil per day
- Shares have been trading 14.3 per cent lower at three cents at 1:40 pm AEST
