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FINWIRES

Globaltec Formation Unit Eyes AU$3 Million Via Private Placement

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Globaltec Formation (KLSE:GLOTEC) unit NuEnergy Gas plans to raise AU$3.1 million through a private placement to fund its gas development and commercialization plans, according to a Monday filing.

NuEnergy will issue new shares at AU$0.038 each, with free options attached on a one-for-two basis. Globaltec's stake will be diluted to 68% following the placement.

Proceeds will primarily support the Tanjung Enim production sharing contract's early gas sales initiative, targeting 1 million standard cubic feet per day, it said.

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