Renergen Limited Announces Successful placement of 5,600,000 CDIs

Renergen Limited (ASX:RLT) has announced the successful placement of 5,600,000 CDIs at A$1.20 per security, raising a total of $6,720,000, representing a 4.7 per cent discount to 30 day VWAP.

The Placement that will be settled on the 30th of January 2020 were largely supported by the Australian/NZ and Offshore investors. The Placement was made within the LR7.1 capacity and was in part to replenish the cash used to acquire the remaining stake in Tetra4 Proprietary Limited.

The proceeds of the placement would be used to explore the gas discovery made in December 2019 while drilling in the sandstone, which included 12 per cent helium levels.

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