Funds for oil and gas exploration programs in Vietnam and California
By Melissa Kory
Cleveland, March 14 - Neon Energy Ltd. announced that it raised A$26 million via the private placement of 104 million shares.
The shares were sold at A$0.25 per share, a 3.85% discount from the March 11 closing price of A$0.26.
The placement will be made in two tranches. The first tranche of 48 million shares, or A$12 million, will be issued immediately. The second tranche of 56 million shares, or A$14 million, will be issued subject to shareholder approval at the April 20 general meeting.
The placement was managed by Southern Cross Equities and RBC Capital Markets.
BlueGold Global Fund LP has subscribed for 60 million shares.
The proceeds will be used to finance oil and gas exploration programs in Vietnam and California.
Neon Energy is a petroleum exploration and production company based in Perth, Western Australia, and with oil and gas interests in Vietnam and California.
| Issuer: | Neon Energy Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$26 million
|
| Shares: | 104 million shares
|
| Price: | A$0.25
|
| Warrants: | No
|
| Placement agents: | Southern Cross Equities and RBC Capital Markets
|
| Investor: | BlueGold Global Fund LP (for $15 million)
|
| Pricing date: | March 14
|
| Stock symbol: | Australia: NEN
|
| Stock price: | A$0.26 at close March 11
|
| Market capitalization: | A$78.4 million
|
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