TMK Energy Extends Offer Deadline and Cuts Costs

TMK Energy Limited (AU:TMK) has released an update.

TMK Energy Limited has extended the closing date for its entitlement offer by three days, giving shareholders until October 25, 2024, to participate. In a bid to preserve cash during a critical growth phase, the company’s directors and management have agreed to halve their cash fees, taking the remainder as equity, which is expected to reduce costs by $250,000. Additionally, TMK aims to cut its operating costs by 30% as it progresses with its coal seam gas project in Mongolia.

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