Ann: Placement and rights issue to raise approximately $2m, page-3

Grand Gulf Energy Ltd ACN 073 653 175
Suite 4, 246-250 Railway Parade, West Leederville WA 6007
Tel: +61 8 6500 3270 Web : www.grandgulfenergy.com
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21 August 2024
Placement and rights issue to raise approximately $2 Million
Grand Gulf Energy Ltd (ASX:GGE) (“Grand Gulf” or the “Company” is pleased to advise it has
received firm commitments to raise $1.0 million (before costs) through a placement of 250 million
fully paid ordinary shares in Grand Gulf (“Placement Shares” to professional and sophisticated
investors at an issue price of $0.004 per Placement Share (“Placement”. Each participant in the
Placement will be offered 1 free attaching option (exercisable at $0.012 each on or before the
date that is 3 years from the date of issue) (“Placement Options” for every 4 Placement Shares
issued.
The Placement was well supported by a number of new and existing investors.
The Company will also undertake a 1 for 8 pro-rata non-renounceable rights issue to raise up to
approximately another $1.0m (before costs) on the same terms as the Placement (“Rights Issue”.
Funds raised from the Placement and Rights Issue will be utilised primarily to fund progression of
the Company’s Red Helium Project, business development and general working capital.
Placement details
Under the Placement, the Company will issue 250,000,000 Placement Shares at an issue price of
$0.004 per Placement Share together with 62,500,000 free attaching Placement Options on the
basis of 1 Placement Option for every 4 Placement Shares issued.
The issue of the Placement Shares and Placement Options will not be subject to shareholder
approval and will be made utilising the Company’s available placement capacity under ASX Listing
Rule 7.1A (209,524,703 Placement Shares) and ASX Listing Rule 7.1 (40,475,297 Placement
Shares and 62,500,000 Placement Options).
The Placement Shares are intended to be issued on Wednesday, 28 August 2024