NuEnergy Gas raises $2.2M for Indonesian gas push
What's the deal? NuEnergy GasDealroom has a profile for this one. Try Dealroom → (ASX:NGY) has secured firm commitments to raise A$3.1 million (roughly $2.2 million) through a private placement of 80.2 million shares. The shares were issued at A$0.038 each, a discount to recent trading levels.
The terms: Subscribers receive one free attaching option for every two placement shares. The options carry an exercise price of A$0.06 and expire on September 10, 2028.
What's the endgame? Proceeds will fund Phase 1 early gas sales of 1 million standard cubic feet per day at Tanjung Enim in Indonesia. The rest will advance three additional production sharing contract areas towards development status.
Why now? The raise gives NuEnergy the capital to move from planning to production, backing early sales at Tanjung Enim while pushing its wider Indonesian portfolio forward.
Market reaction: The NuEnergy Gas share price was unchanged at A$0.042 following the announcement.
The signal: The placement sits at the smaller end of the funding spectrum, ranking in the bottom percentiles by amount. For NuEnergy, though, the modest sum is targeted at a concrete milestone: turning contracted gas acreage into revenue.
Read more: grafa.com
Image credit: Beyond Coal and Gas
