Liquefied Natural Gas Limited raised A$38.6 million (before costs) via a placement of 14,873,186 ordinary shares at A$2.60 to US and Australasian institutional investors. The placement will be made under the company’s placement capacity in accordance with ASX Listing Rules 7.1 and 7.1A.
The capital raising will be used to fund the acquisition of 100% of Bear Head LNG Corporation (BHLC) from a subsidiary of Anadarko Petroleum Corporation for US$11.0 million following the ASX announcement on Monday 18th July; and fund the development (including the FEED Study, permit and regulatory approvals and all Project Documentation) of the Bear Head LNG Export Project through to a possible Final Investment Decision in 2016.
The Bear Head LNG Project is located in Richmond County, Nova Scotia, Canada, and the key assets include:
Foster Stockbroking Pty Ltd acted as Sole Lead Manager of the Placement and was supported by the Company’s US advisor, New York-based EAS Advisors LLC, acting through Merriman Capital, Inc.
Press Release, July 30, 2014; Image: LNG Ltd