09/06/2009 - 13:07

Blue Energy raises over $22m

09/06/2009 - 13:07

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Blue Energy has raised more than $22 million through a share purchase plan which, together with a proposed placement to a Korean company, will accelerate the explorer's proposed work program for the next two years.

Blue Energy raises over $22m

Blue Energy has raised more than $22 million through a share purchase plan which, together with a proposed placement to a Korean company, will accelerate the explorer's proposed work program for the next two years.

 

The announcement is below:

 

Blue Energy Limited (ASX code: BUL) advises that it has successfully closed its Share Purchase Plan (SPP), announced on 1 May 2009, receiving more than 2200 applications from eligible shareholders for approximately $22.3 million of new ordinary shares.

Executive Chairman, Peter Cockcroft said "We are extremely pleased with the strong support and high level of participation we received from our retail shareholders with approximately 50% of those eligible participating in the SPP. This demonstrates significant confidence in Management's ability to deliver shareholder value."

Completion of the SPP will result in allotment of approximately 118 million new Blue Energy ordinary shares. The actual number of shares to be issued is subject to final processing of applications.

Under the previously announced terms of the SPP, the shares will be issued at a price of $0.1894 per share, being the 5 day volume weighted average price for the 5 trading days up to and including 3 June 2009. The allotment of shares is expected to take place on Friday, 12 June 2009.

The combination of the SPP proceeds, funds on hand and successful completion of the recently announced proposed placement to Korea Gas Corporation (KOGAS), will provide Blue Energy with sufficient cash to undertake and accelerate the Company's proposed work program for the next 18 - 24 months.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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