LNG hopes to raise A$15.3m for Magnolia development
JOHANNESBURG (miningweekly.com) – Natural gas developer Liquefied Natural Gas (LNG) on Monday announced that it would raise between A$15.3-million and A$16.2-million to fund the development of its Magnolia project, in the US.
LNG would place about 45-million new fully paid ordinary shares to sophisticated and professional investors under its current 15% capacity.
A lead manager has been appointed for the raising and LNG would also use the recently introduced ASX bookbuild facility to broaden investor support and enable qualified clients from other organisations the opportunity to participate.
The placement price would be determined following a review of the lead manager’s demand and on-market bids. However, LNG noted that the price of the bookbuild had been set at 0.34c a share, which was an 11% discount to the 11-day volume-weighted average price of LNG shares.
“We have completed extensive marketing to investors in recent months and the response has been very supportive. I am expecting the placement to receive solid support and the company will then be well funded during the final approvals process and development phase in the 2014 calendar year,” said LNG MD Maurice Brand.
The proceeds from the equity raising would be used to progress the Magnolia project, specifically all permits and environmental approvals, as well as commercial agreements to facilitate a final investment decision in the first half of 2015.
An initial development plan for the Magnolia project has determined that it would consist of two LNG trains, with a total capacity of four-million tonnes a year.
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