State Gas Completes Share placement

  • Dec 11, 2019 AEDT
  • Team Kalkine

State Gas Limited (ASX:GAS) has announced the successful completion of its share placement to, sophisticated, institutional and professional investors to raise approximately $1 million.

The placement was over oversubscribed, and the issue price of the new Shares is $0.65 per Share. The share placement will result in the issue of approximately 1.5 million new fully paid ordinary shares in State Gas.

The funds raised from the placement will be used to assess the outcome of its drilling and testing campaign, plan the pilot program due to start in 2020 and meet the cost of the issue.

Morgans corporate Limited acted as a Lead Manager to the placement.

At AEST 01:24 PM, the stock was trading at $0.745.


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