USA: LNG Raising USD 8 Million to Progress Magnolia LNG Project
Liquefied Natural Gas Limited announced that it has completed a placement of 40 million new fully paid ordinary shares at $0.20 each (Placement), to institutional and sophisticated investors, to raise $8 million.
The Placement has been conducted within the 15% placement capacity available to the Company, under ASX Listing Rule 7.1.
The $8million placement proceeds will be used to fund the Company’s:
- 100% owned Magnolia LNG Project, at Lake Charles, Louisiana,USA; and
- general working capital requirements.
The Company’s Managing Director, Maurice Brand, said “the Directors were very pleased with the interest in the Placement as it was oversubscribed. Strong support has been demonstrated by investors in the Company’s Magnolia LNG Project.”
“In relation to the Company’s Fisherman’s Landing LNG Project, Gladstone, Queensland, its remains on holding pending the securing of adequate gas supply.” Mr Brand further said.
Foster Stockbroking Pty Ltd acted as Lead Manager to the placement. The Company’s US advisor is New York based EAS Advisors, LLC.