Helium and natural gas supplier Renergen reports that an accelerated bookbuild, launched on February 7 to raise funds for Phase 2 of its Virginia gas project, in the Free State, was "comfortably oversubscribed".
The company initially set out to place 4.6-million new shares, representing about 3.2% of the company's existing share capital, to qualifying South African investors.
At closing, Renergen had issued 12.88-million shares at R24 apiece.
The Virginia project’s Phase 2 was declared a strategic integrated project (SIP) by South African authorities in December.
As an SIP, the project will benefit from sped-up processes relating to any application for approval, authorisation, licence, permission or exemption, and processes relating to any consultation and participation required by the relevant laws must, as far as possible, run concurrently.
Timeframes for authorisations, licences, permissions and/or exemptions are reduced significantly towards a targeted 57-day timeframe for approval outside of timeframes stipulated for public consultation processes.