Completes Institutional Component of Accelerated Non-Renounceable Entitlement Offer
Brisbane, Aug 6, 2024 AEST (ABN Newswire) - State Gas Limited (
ASX:GAS) (STGSF:OTCMKTS) is pleased to announce that it has successfully completed the institutional component (Institutional Entitlement Offer) of its 1 for 2 accelerated non- renounceable entitlement offer of new fully paid ordinary shares (New Shares) at an offer price of $0.05 (Offer Price) per New Share, with one 12 month option exercisable at $0.08 attaching for every 2 New Shares issued (Entitlement Offer).
As announced on 5 August 2024, the institutional component of the Entitlement Offer closed on 2 August 2024, with the Company receiving strong support from existing shareholders. The Company has now completed allocations of approximately 59.3 million New Shares at $0.05 to raise approximately $3.0 million in the Institutional Entitlement Offer. This completed in conjunction with the institutional Placement on the same terms that raised approximately $2.0 million.
New Shares issued under the Placement and Entitlement Offer will each rank equally with ordinary shares already on issue.
Prospectus
The Prospectus relating to the Entitlement Offer was lodged with ASIC and ASX on 5 August 2024 and will be despatched to eligible retail shareholders on or around 8 August 2024. Further information regarding the Entitlement Offer can be found in the Prospectus.
*To the indicative timetable, please visit:
https://abnnewswire.net/lnk/0U10A216
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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