ICON Energy Limited (ICN) has raised $18.8 million in a placement of shares to Hong Kong’s HK Prosperous Technology Limited to fund exploration and development in the Cooper Basin, South Australia.
The 80.3 million new ordinary shares were sold at 23.5 cents per share, a premium of 62.1 percent over the last closing price of 14.5 cents per share.
HK Prosperous Technology is focused on the emerging energy demands in China over the coming decades and is now ICN’s largest shareholder.
ICN managing director Raymond James says the company is fully funded through its current exploration program in ATP 855 in the Cooper Basin and is in a strong position ahead of FY15 with a cash balance of $41.7 million.
“We are delighted by the support we are receiving from HK Prosperous Technology and our other shareholders in China and Australia,” he says.
“This support is a clear demonstration that our strategy to explore for natural shale gas in the Cooper Basin is a strategy that is attracting a long term investment perspective and we are very excited by the future prospects in ATP 855.”
Get our daily business news
Sign up to our free email news updates.
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support