By Devika Patel
Knoxville, Tenn., March 18 -Eastern Star Gas Ltd. announced a A$50 million partially underwritten private placement of shares, which it says "was extremely successful and significantly oversubscribed."
The company plans to sell 90,909,100 ordinary shares at A$0.55 each.
About 70% of the proceeds will be used for drilling. A further 20% will be expended on gas gathering infrastructure, allowing pilot production gas to be used at Wilga Park Power Station in the near term and forming part of the longer term gas production system. Proceeds will also be used for certification of gas reserves.
Based in Sydney, Australia, Eastern Star is an oil and gas exploration company.
| Issuer: | Eastern Star Gas Ltd.
|
| Issue: | Stock
|
| Amount: | A$50 million
|
| Shares: | 90,909,100
|
| Price: | A$0.55
|
| Warrants: | No
|
| Pricing date: | March 18
|
| Stock symbol: | Australia: ESG
|
| Stock price: | A$0.61 at close March 18
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
