TMK Energy announces A$4mn capital raise

Sydney-listed TMK Energy announced on March 21 its plans for a placement and share purchase plan (SPP) aiming to raise approximately A$4mn ($2.65mn).

The funds will primarily support the development of additional infill production wells at the Gurvantes XXXV coalbed methane project in Mongolia.

The company intends to secure A$2.5mn through a placement, involving the issuance of new fully paid ordinary shares at A$0.004/share. Additionally, TMK plans to raise A$1.5mn via an SPP, with terms mirroring those of the placement.

In October last year, TMK acquired Talon's share in the Mongolian project, consolidating its ownership to 100%. Later in the year, Strike Energy acquired 100% of Talon.