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Africa|Gas|PROJECT|Operations
Africa|Gas|PROJECT|Operations
africa|gas|project|operations

Renergen eyes US listing

1st February 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX- and JSE-listed Renergen has announced plans for a potential initial public offering (IPO) and listing in the US.

The company said on Wednesday that this was necessary in order to raise funding for Phase 2 development of its helium and natural gas operations at the Virgina gas project, in South Africa.

Subject to market conditions, the company’s IPO would consist of American Depositary Shares (ADSs) each representing a number of the company’s ordinary shares and listing on the Nasdaq Stock Market in 2023.

The timing, number of ordinary shares represented by ADSs to be offered and their price in the IPO have not yet been determined. Renergen said on Wednesday that the proposed listing and capital raise is expected to commence after the Securities and Exchange Commission completes its final review processes, subject to market and other conditions. Shareholders and potential investors should note that the proposed listing and capital raise may or may not proceed.

Renergen in September last year marked a major milestone at Virginia, with the project becoming operational. Production started at 1 000 GJ/day and increased to a steady-state production rate of 2 500 GJ/day.

The Phase 2 project value is near $1-billion and the company is targeting a 65% debt-to-project value.

Edited by Creamer Media Reporter

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