Leigh Creek Energy (ASX:LCK) raises $2.9m to progress flagship project

• Leigh Creek Energy (LCK) raises $2.9 million to progress its flagship project
• The company closed its share purchase plan (SPP) after receiving valid applications from eligible shareholders totalling $2.7 million
• The company also received firm commitments to raise $0.23 million through a share placement to professional investors at $0.15 each
• Leigh Creek says the total funds will be used to progress the development of its Leigh Creek Urea Project through the next phases of the commercial pathway, along with business development activities and general working capital
• Leigh Creek Energy drops 3.33 per cent, trading at 14.5 cents at 11:05 am AEDT

Leigh Creek Energy (LCK) has raised $2.9 million to progress its flagship project.

The company has now closed its share purchase plan (SPP) after receiving valid applications from eligible shareholders totalling $2.7 million.  

The company also received firm commitments to raise $0.23 million through a share placement to professional investors at $0.15 per share – the same price as the offer price under the share purchase plan.

The placement, combined with the proceeds from the SPP, brings the total proceeds from new share issues to approximately $2.9 million.

Leigh Creek said the funds will be used to progress the development of its Leigh Creek Urea Project through the next phases of the commercial pathway.

Remaining funds will be put towards undertaking business development activities, along with general corporate activities and general working capital.  

“We are delighted with the support shown by our shareholders and we look forward to updating all of our shareholders as we progress the LCUP and drive further value for our stakeholders,” said LCK Managing Director, Phil Staveley.

New shares are due to be issued to investors today and will rank equally with existing shares.

Leigh Creek Energy dropped 3.33 per cent, trading at 14.5 cents at 11:05 am AEDT.