TMK Energy (ASX:TMK) fundraising announcement

TMK Energy Limited (ASX:TMK) has successfully secured firm commitments to raise $1.34 million through an oversubscribed placement. The company will also be launching a non-renounceable rights issue to raise up to approximately $1.9 million, offering eligible shareholders the opportunity to participate in the fundraising on the same terms as the placement.

Executive Commentary on Fundraising and Development Plans

Providing existing and new shareholders with the opportunity to participate in a capital raise at this stage of the Company's development was a key consideration to this funding round. The small Placement element of this fund raising enables the immediate commencement of drilling of all three additional pilot production wells and installation of the DTS technology, which is expected to help accelerate the pathway to reaching critical desorption pressure and therefore, the delivery of significantly higher gas rates from the already gas producing Nariin Sukhait Pilot Well Project. With the expanded 2024 Work Program now locked in, our focus will shift to preparing for commercialisation of this significant gas resource through partnerships and/or farmout activities, leveraging off our 100% ownership stake in the Project. We thank shareholders for their patience whilst we have been sourcing approvals, equipment and funding over recent months, and now look forward to executing our strategy and provide shareholders with the opportunity to participate in what should be a transformational period for the Company.

Summary of TMK Energy's Fundraising and Development Plans

TMK Energy Limited (ASX:TMK) has successfully secured firm commitments for an oversubscribed $1.34 million placement and will be launching a non-renounceable rights issue to raise up to approximately $1.9 million. The funds raised will be used to complete the expanded 2024 Work Program, pursue partnership and commercialisation opportunities, and provide ongoing working capital needs for the Gurvantes XXXV CSG Project in Mongolia. The company aims to accelerate the pathway to reaching critical desorption pressure and significantly higher gas rates, preparing for the commercialisation of the gas resource through partnerships and/or farmout activities. The fundraising marks a transformational period for TMK Energy as it progresses with its development plans.