Icon Energy Completes Capital Raising, Australia

Icon Energy announced that it has completed a $10.0 million capital raising of approximately 45.5 million new ordinary shares to institutional, sophisticated and professional investors at a price of $0.22 per share.

The Placement received strong support from both existing and new investors. The Placement price represents an 18.5% discount to the last closing price of Icon shares on 9 November ($0.27) prior to entering the trading halt.

Settlement of the Placement is scheduled to occur on Monday 19 November 2012 and shares are expected to be allotted on Tuesday 20 November 2012.

Share Purchase Plan

Icon will also conduct a Share Purchase Plan of up to A$15,000 per shareholder at the same price as the Placement, capped at a level as determined by the Company’s Directors. The SPP will provide eligible ordinary shareholders (being those persons registered as ordinary shareholders as at 6pm (Brisbane time) on Monday 12 November 2012 who reside in Australia or New Zealand) with the opportunity to subscribe for new ordinary shares.

Use of proceeds

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 Halifax-1 well costs (drilling and fracture stimulation); and
• An additional exploration well and fracture stimulation at ATP855P.

Proceeds raised through the SPP will be used for additional technical work at ATP855P and for general corporate purposes.

Commenting on the Placement and the SPP, Icon’s Managing Director, Mr Ray James, said: “We are delighted by the strong level of demand from both existing shareholders and new investors wishing to participate in the Placement and are pleased to provide the opportunity for existing shareholders to subscribe through the SPP at the same price as the Placement.”

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LNG World News Staff, November 13, 2012; Image: Icon Energy