Australia's Triangle Energy hits over 3-month low on discounted placement

Triangle Energy (Global)

19/02/2024 04:39

** Shares of Triangle Energy (Global)  TEG.AX  fall as much
as 10.5% to A$0.017, hitting their lowest level since Oct. 31,
2023
    ** Stock currently down 5.3%; set for worst day since Feb.
13, if losses hold
    ** Oil and gas explorer received firm commitments for A$5.0
mln ($3.27 mln) placement at 1.6 Australian cents per share
    ** Issue price represents discount of 15.8% from last close
    ** Co says funds raised will be used to advance onshore
Perth Basin projects ahead of drilling forecast for Q2
    ** More than 6.3 mln shares change hands vs 30-day average
volume of 3.4 mln shares
    ** Stock down 24% this year, as of last close
    

($1 = 1.5302 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))