PERTH (miningweekly.com) – ASX-listed oil and gas company Cooper Energy has raised A$18.4-million through an institutional placement to allow the company to implement its Eastern Australian gas strategy and to support its equity share in the Sole gas project, in the Gippsland basin.
Cooper on Wednesday announced that it had placed about 83.45-million shares, at 22c each, to qualified institutional and sophisticated investors. The placement price represented a 12% discount to the company’s closing price on May 9.
“We are pleased with the support for the placement from both existing shareholders and new investors. We regard this placement as a key step for Cooper Energy as we progress the development of our Gippsland basin gas projects,” said MD David Maxwell.
He added that the fundraising gave Cooper Energy funding flexibility as the company moved towards a final investment decision on its Sole project.
The shares were placed under Cooper Energy’s 15% placement capacity and did not require shareholder approval.