Sino Gas & Energy to Raise Funds for China Operations

Sino Gas & Energy Holdings is looking to raise up to 53 million Australian dollars ($49 million) via share placement to fund its natural gas projects in China, a person familiar with the matter told Wall Street Journal.

The company owns stakes in the Sanjiaobei and Linxing coal seam gas tenements in central China.

With domestic demand growing, China is looking to exploit its unconventional natural gas resources like shale gas and coal seam gas.

The company asked for trading in its shares to be halted Monday ahead of the capital raising.

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