Asia Energy arranges $52 million private placement of stock

By Sheri Kasprzak

New York, Nov. 29 - Asia Energy plc said it intends to raise $52 million in a private placement of stock.

The offering includes 4,530,833 shares to institutional investors. The pricing terms of the deal will be determined Nov. 30, according to a statement from the company.

The company has 4,143,976 shares available to be placed and is seeking shareholder approval to place the remaining shares.

JPMorgan Cazenove Ltd. is the bookrunner for the offering.

The proceeds will be used for initial development activities on the company's Phyulbari coal project.

Based in London, Asia Energy is an oil and coal exploration company.

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