LNG Energy Ltd. announced the closing of its previously announced overnight marketed public offering of 80,460,000 common shares (inclusive of 10,460,000 common shares issued pursuant to the exercise of the over-allotment option) at a price of $0.25 per common share for total gross proceeds of $20,115,000.
The Offering was conducted through a syndicate of underwriters led by Paradigm Capital Inc. and including Canaccord Genuity Corp., Fraser Mackenzie Limited and GMP Securities L.P.
The Company intends to use the net proceeds of the Offering to fund the payments contemplated under its proposed farm-in transaction with TransAtlantic Worldwide Ltd., to fund exploration activities on the Company’s properties in Poland, Bulgaria and Papua New Guinea and for general corporate purposes.
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Source: LNG Energy, September 15, 2011;