Grand Gulf plans to raise A$8mm in equity

Grand Gulf Energy launched an A$8 million Thursday morning to spend on its exploration wells in Utah and for working capital. The offer was priced at 4.4¢ a share, a 10.2 per cent discount to the last traded price. It included a one-for-three attaching option with an 8¢ strike price and three-year expiry. The company would have a A$64.5 million market capitalisation on a pro forma basis.

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