Emerging domestic natural gas and helium producer Renergen is pleased to announce the final allotment of 4,791,667 CDI’s at A$1.20 per security, raising a total of A$5,750,000.40 (the“Placement”), at a 4.7% discount to 30 day VWAP.
The placement was well supported at the time of the book build but was scaled back from the initially announced 5,600,000 CDI’s on settlement. The total capital raised of $5,750,000 was less than the $6,720,000 initially announced, however it was sufficient to replenish the cash used to acquire the remaining stake in Tetra 4 Proprietary Limited, consolidating Renergen’s 100% ownership of the Virginia Gas Project. Importantly, the acquisition of the 10% stake combined with the placement was value accretive to existing Renergen shareholders.
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