Successful Completion of Retail Entitlement Offer
Brisbane, Sep 12, 2024 AEST (ABN Newswire) - State Gas Limited (
ASX:GAS) (STGSF:OTCMKTS) is pleased to announce the successful completion of the retail component (Retail Entitlement Offer) of its 1 for 2 accelerated pro rata non-renounceable entitlement offer (Offer) announced on 5 August 2024.
The Retail Entitlement Offer closed at 5:00pm AEST on 5 September 2024, raising $959,151. Eligible retail shareholders applied for 18,101,687 New Shares (and 9,050,857 attaching options) pursuant to their entitlements, including 3,957,803 New shares (and 1,978,902 attaching options) under the shortfall facility.
This follows a successful placement (Placement) and institutional component of the Offer (Institutional Entitlement Offer) which jointly raised approximately $4,348,513, as announced to ASX on 8 August 2024.
The Retail Entitlement Offer gave eligible retail shareholders (Eligible Shareholders) the opportunity to take up their pro-rata entitlement by applying for New Shares and attaching options. Eligible Shareholders were also able to apply for additional New Shares (and attaching options) under a shortfall facility allocated as set out in the Company's Prospectus dated 5 August 2024. Total proceeds from the Retail Entitlement Offer were $905,084.
A total amount of approximately $5,253,598 was raised through the Placement, the Institutional Entitlement Offer and the Retail Entitlement Offer. A further $660,371 has been raised from the Placement, representing 13,207,421 New Shares and 6,603,711 attaching options, and is subject to Shareholder approval.
New Shares taken up under the Retail Entitlement Offer, which rank equally with existing shares on issue, are expected to be issued on 12 September 2024 and commence trading on ASX on 13 September 2024.
*To view details of the offer, please visit:
https://abnnewswire.net/lnk/FB090AQ7
About State Gas Limited
State Gas Limited (ASX:GAS) (OTCMKTS:STGSF) is a Queensland-based gas exploration and development company with highly prospective gas exploration assets located in the southern Bowen Basin. State Gas Limited's mission is to support east coast energy markets through the efficient identification and development of new high quality gas assets.
It will do this by applying an agile, sustainable but low-cost development approach and opportunistically expanding its portfolio in areas that are well located to gas pipeline infrastructure.
State Gas is 100%-owner of the contiguous Reid's Dome (PL-231) and Rolleston-West (ATP 2062) gas projects, both of which contain CSG and conventional gas. The Projects, together some 1,595km2 , are located south of Rolleston, approximately 50 and 30 kilometres respectively from the Queensland Gas Pipeline and interconnected east coast gas network. State Gas intends to accelerate commercialisation of these assets through the application of an innovative virtual pipeline ("VP") solution which will see the Company transport compressed gas by truck to existing pipeline infrastructure or to an end user.
State Gas also holds a 35% interest in ATP 2068 and ATP 2069 in joint venture with Santos QNT Pty Ltd (65%). These two new areas lie adjacent to or in the near vicinity of State Gas and Santos' existing interests in the region, providing for the potential of an alignment in ownership interests across the region over time and enabling synergies in operations and development.
State Gas is also participating in a carbon capture and sequestration initiative with minerals explorer Rockminsolutions Pty Ltd in respect of EPM 27596 which is located on the western border of ATP 2062. This project is investigating the potential of the unique basalts located in the Buckland Basaltic Sequence (located in EPM 27596) to provide a variety of in-situ and ex-situ carbon capture applications.
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