By Sheri Kasprzak
Atlanta, Feb. 11 - CH4 Gas Ltd. said it has completed a private placement of stock for A$5 million.
The company sold 5 million shares at A$1 each to institutional and sophisticated investors.
The private placement was part of a capital-raising initiative that also included a one for 5.25 renounceable rights issue to the company's shareholders at A$0.93 each for a total of A$15 million.
The company plans to use the proceeds from both financings to increase contracted gas sales to the Townsville market and expand into the Gladstone and Rockhampton industrial regions.
Based in Brisbane, Australia, CH4 is a coal seam gas production and exploration company.
| Issuer: | CH4 Gas Ltd.
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| Issue: | Stock
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| Amount: | A$5 million
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| Shares: | 5 million
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| Price: | A$1.00
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| Warrants: | No
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| Settlement date: | Feb. 11
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| Stock price: | A$1.11 at close Feb. 11
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