31/07/2013 - 15:57

LNG Ltd to raise $10 million

31/07/2013 - 15:57

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LNG Ltd to raise $10 million

Perth-based oil and gas play LNG Limited has announced a $10 million capital raising plan to fund project approval activities at its Magnolia LNG project in Louisiana.

LNG said today a share placement, priced at 20 cents per share, raised $8 million, while a share purchase plan at 20.65 cents per share would be launched to raise the additional $2 million.

Managing director Maurice Brand said the company was very pleased with the response to the share placement.

“Strong support has been demonstrated by investors in the company’s Magnolia LNG project,” Mr Brand said.

“In relation to the company’s Fisherman’s Landing LNG project in Gladstone, Queensland, it remains on hold pending the securing of adequate gas supply.”

Foster Stockbroking acted as lead manager to the placement.

The share purchase plan is open to existing shareholders until August 9.

“We are appreciative of the ongoing support from shareholders, so we are offering the SPP to eligible shareholders as close to the placement price of 20 cents as possible.”

The company’s shares tanked nearly 20 per cent on the ASX today, to finish trade at 22.5 cents. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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