Cooper Energy Raises A$18.4 mn to Implement Eastern Australia Gas Strategy

Cooper Energy has raised A$18.4 million from Australian and investors via share placement.

Among other things, the proceeds will be used for the implementation of Cooper Energy’s Eastern Australia gas strategy, in particular supporting the funding of its equity share in the Sole Gas project.  

The placement comprises 83.45 million fully paid ordinary shares issued at a price of A$0.22 per share, representing a 12 percent discount to company’s closing price on May 9, 2016 of $0.25, Cooper Energy said Wednesday.

“We regard this placement as a key step for Cooper Energy as we progress the development of our Gippsland Basin gas projects. The placement provides the company with funding flexibility as we move to the Final Investment Decision (FID) for the Sole Gas project,” Cooper Energy’s Managing Director, David Maxwell, said.

To provide an opportunity for retail shareholders to participate in the capital raising, Cooper Energy will also undertake a non-underwritten share purchase plan to raise up to A$5 million.