By Devika Patel
Knoxville, Tenn., Aug. 10 - Eastern Star Gas Ltd. said it raised A$100 million in an oversubscribed private placement of shares.
The company sold about 119.1 million ordinary shares at A$0.84 per share. The per-share price represents an 8.7% discount to the A$0.92 closing share price on Aug. 9 and a 5.4% discount to the five-day volume weighted average price.
Proceeds will be used for growth initiatives.
Based in Sydney, Australia, Eastern Star is an oil and gas exploration company.
| Issuer: | Eastern Star Gas Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$100 million
|
| Shares: | 119.1 million (aaproximate)
|
| Price: | A$0.84
|
| Warrants: | No
|
| Settlement date: | Aug. 10
|
| Stock symbol: | Australia: ESG
|
| Stock price: | A$0.85 at close Aug. 10
|
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