- Cooper Energy (COE) raises $183 million from the institutional component of a planned capital raise to fund the acquisition of the Orbost Gas Processing Plant in Victoria
- The institutional component comprised a placement and a two-for-five entitlement offer, with new shares offered at 24.5 cents each
- In addition to these funds, the company is hoping to raise $61 million from a retail entitlement offer
- This brings the total amount to be received under the capital raising program to $244 million, which is fully underwritten
- Cooper Energy shares are trading 17.8 per cent lower today at 24.3 cents each at 2:03 pm AEST
Cooper Energy (COE) has raised $183 million from the institutional component of a planned capital raise to fund the acquisition of the Orbost Gas Processing Plant in Victoria.
This institutional component consisted of a placement and a two-for-five entitlement offer, with new shares offered at 24.5 cents each.
In addition to these funds, the company is hoping to raise $61 million from a retail entitlement offering.
This would bring the total amount to be received under the capital raising program to $244 million, which is fully underwritten.
The funds will be used for COE’s planned Orbost Gas Processing Plant acquisition from APA Group and general corporate purposes.
Managing Director David Maxwell said he believed the level of support seen in the capital raise was a vote of confidence for the acquisition.
“We look forward to successful completion of the acquisition and using our integrated gas supply hub in the Gippsland region, together with our Otway assets, to create further value for shareholders,” Mr Maxwell said.
Cooper Energy shares were trading 17.8 per cent lower today at 24.3 cents each at 2:03 pm AEST.