SCT&E LNG said that the company has retained the boutique law firm Weed & Co. of Newport Beach, California, for assistance with a $40 million Private Offering.
Richard O. Weed of Weed & Co. specializes in public offerings, private placements, SEC compliance/registration, and securities filings. Initially, SCT&E LNG plans to raise $40 million through a self-underwritten private offering and will use the funds for regulatory and operational expenses to be incurred during the early stages of its proposed LNG facility on Monkey Island in southwest Louisiana. SCT&E LNG’s project is currently modeled as an LNG tolling facility utilizing cryogenic technologies to liquefy natural gas for global export.
SCT&E LNG estimates that $40 million will move the company through the initial entitlement process, specifically focusing on the Federal Energy Regulatory Commission’s authorization of the siting and eventual construction of the Monkey Island LNG export facility. SCT&E LNG believes that after the FERC application is submitted, the value of SCT&E LNG’s project will increase dramatically. Earlier this year, SCT&E LNG submitted two requests for export authorization to the Department of Energy. SCT&E LNG expects the U.S. government to approve its application to export LNG to nations with Free Trade Agreement’s very soon.
In the U.S., a private placement of securities to accredited investors is exempt from the registration requirements of the Securities Act of 1933 under Regulation D of the Securities Act Rules. The proposed offering is consistent with Weed’s experience.
“Rick is a very bright and experienced lawyer and a solid legal choice for this offering,” says Greg Michaels, CEO of SCT&E LNG . “The industry knowledge that Rick brings is impressive. He will represent the company well.”
SCT&E LNG expects to have the PPM completed within thirty days.
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Press Release; Image: SCT&E LNG