Australia: Icon Energy Completes Capital Raising

Australia: Icon Energy Completes Capital Raising

Icon Energy said that it has completed an A$18.8 million capital raising of approximately 80.3 million new ordinary shares to, HK Prosperous Technology Limited, Hong Kong China, at a price of $0.235 per share. ThepPlacement price represents a premium of 62.1% to the last closing price ($0.145) of Icon shares.

This placement brings the total number of Icon Energy shares on issue to 615,774,352.

The placement received strong support from HK Prosperous Technology Limited, which is focussed on the emerging energy demands in China over the coming decades. The Placement shares are to be allotted on 2 December 2013.

Proceeds from the placement will be used primarily to fund the company’s forward looking Cooper Basin exploration and development program, including:

  • Icon’s contribution to the exploration program in ATP 855 (drilling and fracture stimulation, flow testing); and
  • Other exploration and joint venture opportunities.

Icon’s Managing Director, Mr Raymond James said, “With a cash balance of $41.7 million, Icon Energy is fully funded through the current exploration program in ATP 855 and we are strongly positioned to continue into the 2014-2015 financial years and at this stage beyond that date.

“We are delighted by the support we are receiving from HK Prosperous Technology and our other shareholders in China and Australia. This support is a clear demonstration that our strategy to explore for natural shale gas in the Cooper Basin is a strategy that is attracting a long term investment perspective and we are very excited by the future prospects in ATP 855”.

LNG World News Staff, December 02, 2013