LNG Energy Ltd. announced that it has amended the terms of its previously announced financing to increase the size of the offering from $15,000,000 to $17,500,000.
The Company has entered into an amended and restated underwriting agreement with a syndicate of underwriters led by Paradigm Capital Inc. and including Canaccord Genuity Corp., Fraser Mackenzie Ltd. and GMP Securities L.P. whereby the Underwriters have now agreed to purchase 70,000,000 common shares of the Company at a purchase price of $0.25 per Common Share.
The Company has granted the Underwriters an overallotment option to purchase up to that number of additional Common Shares equal to 15% of the Common Shares sold pursuant to the Amended Offering, exercisable at any time up to 30 days from the closing of the Offering.
The Company intends to use the net proceeds of the Amended Offering to fund the payments contemplated under its proposed farm-in transaction with TransAtlantic Worldwide Ltd. (see August 29, 2011 News Release), to fund exploration activities on the Company’s properties in Poland and Papua New Guinea and for general corporate purposes.
The Offering is scheduled to close on or about September 14, 2011, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.
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Source: LNG Energy, August 31, 2011;