Update: Globaltec Formation Unit Eyes AU$3 Million via Private Placement
MT Newswires Live
Sep 07
(Updates to add NuEnergy Gas ticker)
Globaltec Formation (KLSE:GLOTEC) unit NuEnergy Gas (ASX:NGY) plans to raise AU$3.1 million through a private placement to fund its gas development and commercialization plans, according to a Monday filing.
NuEnergy will issue new shares at AU$0.038 each, with free options attached on a one-for-two basis. Globaltec's stake will be diluted to 68% following the placement.
Proceeds will primarily support the Tanjung Enim production sharing contract's early gas sales initiative, targeting 1 million standard cubic feet per day, it said.
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