Liquefied Natural Gas Limited's share purchase plan has been completed, raising almost $18 million, bringing the company's cash position to some $55 million.
The company announced the share purchase plan on October 15 to generate funding for the advancement of the Gladstone LNG project at Fisherman's Landing.
An amount of $17,907,000 has been raised with the issue of 14,325,600 new ordinary shares at $1.25 per share.
LNG managing director, Maurice Brand was extremely pleased with the level of support from shareholders.
"This places LNG in a strong financial position to further advance the 3mtpa Gladstone LNG project at Fisherman's Landing and will greatly contribute to the objective of delivering first LNG from Gladstone in 2012," Mr Brand said in a statement.
Full announcement below:
9 NOVEMBER 2009
SHARE PURCHASE PLAN RAISES $17,907,000
The Board of Liquefied Natural Gas Limited ("LNG" or the "Company") wishes to advise that the Share Purchase Plan announced on 15 October 2009 has been successfully completed. An amount of $17,907,000 has been raised with the issue of 14,325,600 new ordinary shares at $1.25 per share.
LNG's Managing Director, Maurice Brand, said: "We are extremely pleased with the level of support from shareholders for the Share Purchase Plan. Following the successful Share Placement announced on 15 October 2009, and the conclusion of the Share Purchase Plan, the Company's cash position is some $55 million. This places LNG in a strong financial position to further advance the 3mtpa Gladstone LNG project at Fisherman's Landing and will greatly contribute to the objective of delivering first LNG from Gladstone in 2012".
