Grand Gulf Energy Boosts Capital by $2 Million

Grand Gulf Energy Limited (AU:GGE) has released an update.

Grand Gulf Energy Ltd is set to raise approximately $2 million through a placement and rights issue, targeting the expansion of its Red Helium Project and bolstering general working capital. The company has secured commitments for a $1 million placement, offering shares and options to professional investors, and plans to match this with a $1 million non-renounceable rights issue available to eligible shareholders. The fundraising efforts will see shares and options issued at $0.004 each, with the placement shares set to be issued on 28 August 2024.

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