By Devika Patel
Knoxville, Tenn., Oct. 31 - Linc Energy Ltd. said it has raised A$28.3 million in a private placement of shares.
The company sold 37.26 million ordinary shares at A$0.76 per share.
Proceeds will be used for a feasibility study, purchasing and installing a nitrogen rejection plant, expansion of the company's engineering, drilling of coal tenements and general working capital.
Linc Energy is a Brisbane, Australia-based energy company that develops and commercializes underground coal gasification technology.
Issuer: | Linc Energy Ltd.
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Issue: | Ordinary shares
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Amount: | A$28.3 million
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Shares: | 37.26 million
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Price: | A$0.76
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Warrants: | No
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Settlement date: | Oct. 31
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Stock symbol: | Australia: LNC
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Stock price: | A$0.875 at close Oct. 31
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