GGE Secures A$1mm Placement and Plans A$1mm Rights Issue

Grand Gulf Energy (GGE) raised A$1mm through a placement of 250mm shares at A$0.004/sh which is a 60% discount to the previous closing price of A$0.01/sh, with 62.5mm additional options. Additionally, GGE also announced A$1mm rights issue on a 1-for-8 basis (totalling ~262mm shares) also priced at A$0.004/sh, along with ~65mm free attaching options. The funds will be used to advance the Red Helium Project, business development, and working capital.

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