Transerv Energy Set To Raise Up To A$10 Million At 1.3 Cents/Share -Source

Transerv Energy Ltd. (TSV.AU) is poised to raise up to A$10 million (US$10.4 million) at 1.3 cents a share, a person familiar with the matter said Friday.

The funds--raised at a 19% discount to the company's last-traded price of 1.6 cents-- will be used to fund further exploration, particularly of Transerv's Canadian assets.

"Drilling this year across all projects may result in substantial re-rating," Hartleys analyst Dave Wall said in a note to clients dated April 13.

Transerv's flagship project is the Warro Gas Project in Western Australia state. The company has a farm-out arrangement through which Alcoa Inc. (AA) has agreed to spend up to A$100 million to buy 65% of the project.

In his note, Wall said results of independent analysis, which shows the project remains highly commercial, as well as Alcoa's desire for gas mean it is likely that it will move forward with the project.

Hartleys and Argonaut are mandated on the capital raising.

-By Gillian Tan, of The Wall Street Journal; +61-2-82724694; gillian.tan@wsj.com

Transerv Energy (ASX:TSV)
過去株価チャート
から 5 2024 まで 6 2024