LNG Ltd Raises USD 10.85 Mln for Magnolia Project

Liquefied Natural Gas said that the company has completed a placement of 35 million fully paid ordinary shares, at $0.31 each, to raise $10.85 million.

The placement was conducted within the 15% placement capacity available to the company, under ASX Listing Rule 7.1.

The company’s Managing Director, Maurice Brand, said “the Directors were satisfied with the introduction of a number of new US based investors as well as new Institutional shareholders in both Australia and Asia. These new shareholders, together with the solid support from shareholders who participated in the Placement in August 2013 and our long term and loyal existing shareholders, augers well for the company’s future, and positions the company to continue to achieve a major increase in its valuation in the year ahead.”

“Importantly, to ensure the increase in shareholder value, the company needs to continue to achieve its stated Magnolia LNG Project milestones. Shareholders can audit the progress of the Magnolia LNG Project and corporate developments through the monthly project update.”

Foster Stockbroking acted as Lead Manager to the placement supported by the company’s US advisor, New York based EAS Advisors acting through Merriman Capital.

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LNG World News Staff, December 13, 2013; Image: LNG Ltd