Golden Gate Petroleum Limited (“GGP”) (ASX:GGP) is pleased to announce it has secured access to a maximum of AU$7,500,000 in funds to progress the development of its Permian Project from The Australian Special Opportunity Fund, LP, a New York-based institutional investor, managed by The Lind Partners, LLC (together, “Lind”).
Under the Agreement with Lind, GGP will receive AU$600,000 on execution in the form of a AU$500,000 Convertible Security and AU$100,000 as a prepayment for ordinary shares in GGP. Lind will further invest from AU$100,000 to AU$300,000 per month, in monthly share subscriptions, over the next two years.
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