Grand Gulf Energy Limited announcement overview

Grand Gulf Energy Limited (ASX:GGE) closed its entitlement offer on 17 September 2024, as outlined in the prospectus dated 21 August 2024. The offer included a pro-rata non-renounceable entitlement issue of one fully paid ordinary share for every eight shares held by eligible shareholders at an issue price of $0.004, along with new options to acquire shares. The funds raised from the offer will primarily support the Company's Red Helium Project, business development, and general working capital.

Executive commentary on entitlement offer

The Company is pleased to have successfully closed the entitlement offer, with eligible shareholders applying for a significant number of shares, demonstrating their confidence in the Company's future prospects. The funds raised will be instrumental in advancing our Red Helium Project and supporting our overall business development and working capital needs. We appreciate the support from our shareholders and look forward to delivering on our strategic objectives with the capital raised.

Summary of Grand Gulf Energy's entitlement offer and outlook

Grand Gulf Energy Limited (ASX:GGE) has successfully closed its entitlement offer, raising funds to progress the Red Helium Project, facilitate business development, and bolster general working capital. The Company received strong interest from eligible shareholders, resulting in a substantial number of shares being applied for. The funds raised will play a crucial role in driving the Company's strategic initiatives and operational activities. With the anticipated issue of shares and the potential placement of remaining shortfall shares, Grand Gulf Energy is well-positioned to execute its corporate strategy and pursue its growth objectives in the near term.