Blue Energy raises $2 million

Company News

by Kathy Skantzos

Oil and gas exploration company Blue Energy (ASX:BUL) has raised $2 million through a targeted share placement with global institutional investor IMF Investors

The company will issue a total of 13 million fully paid ordinary shares at 15.5 cents a share.

The shares were issued without disclosure to other investors.

The company said the capital raising will bolster its working capital.

IMF Investors is a top tier institutional investor with over $100 billion in funds under management, which adds further strength to the Blue Energy share register.

Shares in Blue Energy (ASX:BUL) are trading 9.68 per cent higher at $0.17.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.