(EnergyAsia, March 8 2013, Friday) — Australia’s Cougar Energy Limited announced it recently raised A$1.043 million while continuing talks to attract investors to participate in its two conventional coal assets in Queensland state’s proven coal rich Bowen and Surat Basins. (US$1=A$0.97).
The company said its sale offer of 208.6 million shares to sophisticated and professional investors at five Australian cents each was oversubscribed.
The placement of 208,600,000 new fully paid ordinary shares at A$ 0.005 (0.5 cents) per share was made in Australia under the Company’s 15% issuance capacity not requiring shareholder approval pursuant to Listing Rule 7.1.
BW Equities Pty Ltd’s Melbourne office, which lead-managed and arranged the placement, sold some of the shares to its institutional and sophisticated investors.
Cougare said it will use the funds to start production at its Mackenzie coal tenement in the Bowen Basin, test coal samples for export markets and provide for working capital.
Malcolm McAully, Cougar Energy’s chairman, said:
“This capital injection will support our strategies to rejuvenate Cougar Energy and generate long term value for our shareholders.”
Earlier, the company had announced it was seeking expressions of interest in its two conventional coal assets in the proven coal-rich Bowen and Surat Basins.
The company began discussions with a number of domestic and international parties regarding potential transactions that included capital raisings, acquisitions of other coal assets and the development of unconventional coal gas projects.