Dart raises A$20.7m in share placement
PERTH (miningweekly.com) – Unconventional gas developer Dart Energy has completed a A$20.7-million capital raising as the company worked to progress its gas field activities.
The ASX-listed Dart reported on Wednesday that some A$11.9-million had been raised through a share placement to institutional and sophisticated investors, with some 131.8-million ordinary shares issued at a price of 9c each.
A non-renounceable entitlement offer to shareholders raised a further A$8.8-million. Shareholders were allowed to subscribe for one new ordinary share for every ten Dart shares held, at an issue price of 9c a share.
Apart from funding the gas field activities, the capital raised would also provide Dart with greater capital management flexibility, the company said, given the nature of its loan facility with HSBC and the fact that Dart had two transactions in China pending approval.
The company was also involved in a number of commercial discussions regarding farm-outs, joint ventures and assets sales, and added that a strengthened balance sheet would provide Dart with greater negotiating flexibility.
In April this year, Dart announced a corporate restructure designed to reduce the ongoing operating costs of the company, as well as undertaking divestments of its noncore assets and streamlining the board and management of the company to reposition Dart’s strategy to focus primarily on its shale gas and coal-bed methane assets, in the UK.
The company was also looking to retain a limited number of its Asian unconventional gas assets for longer-term optionality.
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