Sacgasco share placement announcement

Sacgasco Limited (ASX: $SGC) has received applications for a share placement, raising $734,336 at an issue price of 0.35c per share. The first tranche placement of 116,953,061 shares, totaling $409,336 before costs, has been made under the Corporations Act and Listing Rule 7.1 of the ASX listing rules. The placement was secured with clients of Sanlam Private Wealth. Additionally, a second tranche placement of 92,857,143 shares, amounting to $325,000 before costs, is planned at a later date, subject to shareholder approval.

Executive commentary on share placement

The share placement will provide Sacgasco with the necessary working capital to support our ongoing operations and strategic initiatives. We are pleased with the response from investors and the support received from Sanlam Private Wealth. The issuance of options alongside the shares will further enhance our financial flexibility. We look forward to the upcoming shareholder meeting to seek approval for the second tranche placement and the issuance of shares and options to partially settle debts owed to our directors and their associated entities.

Summary of Sacgasco share placement

Sacgasco Limited (ASX: $SGC) has successfully secured a share placement, raising $734,336 at an issue price of 0.35c per share. The first tranche placement, totaling 116,953,061 shares, has been completed, with the second tranche placement of 92,857,143 shares planned pending shareholder approval. Additionally, the issuance of options and the proposed settlement of debts through the issuance of shares and options to directors are subject to shareholder approval. The share placement is expected to provide the necessary working capital for Sacgasco's operations and future endeavors. The company looks forward to the upcoming shareholder meeting to seek approval for the second tranche placement and related matters.