Liquefied Natural Gas Limited
(ASX:LNG) has raised $38.6 million through a significantly oversubscribed share placement to fund its Bear Head LNG Project acquisition.
The liquefied natural gas developer placed about 14.9 million shares at $2.60 cents per share to existing US and Australasian institutional investors.
The announcement comes just days after LNG announced it would buy the Bear Head LNG Project in Nova Scotia, Canada for $US11 million.
Liquefied Natural Gas plans to put its latest funds to finalising the acquisition and funding the development of the project through to a possible final investment decision in 2016.
Managing Director Maurice Brand says LNG is keen to secure opportunities where it can either replicate the company’s flagship Magnolia project or use all the company’s expertise.
Liquefied Natural Gas reported a net loss of $7.7 million in the first half of the 2014 financial year.
