- Leigh Creek Energy (LCK) has invited eligible shareholders to participate in its $1 million share purchase plan
- Under the plan, shareholders will be able to purchase parcels of up to $30,000 worth of new shares
- Furthermore, Leigh Creek has agreed to a potential offer of new shares to sophisticated and professional investors
- This will be known as a top-up placement and will aim to raise another $1 million before costs
- The money raised from the share purchase plan, and possible top-up placement, will be used to progress the company’s Leigh Creek Energy Project through the next stages of commercialisation
- Leigh Creek is steady in mid-morning trade and shares are currently selling for 8.8 cents each
Leigh Creek Energy (LCK) has invited eligible shareholders to participate in its $1 million share purchase plan.
Under the share purchase plan, shareholders are able to purchase parcels of up to $30,000 worth of new fully paid shares without incurring any costs.
These shares will have a 20 per cent discount to the volume-weighted average price of the five days leading up to the issue date of the shares.
Furthermore, Leigh Creek has agreed to a potential offer of new shares to sophisticated and professional investors.
This will be known as a top-up placement and will aim to raise another $1 million before costs.
However, the company will update shareholders as to whether this will happen.
The share purchase plan will open on May 27 and close on June 15. Shares will then be issued on June 22 and can begin trading on the ASX on June 23.
The money raised from the share purchase plan, and possible top-up placement, will be used to progress the company’s Leigh Creek Energy Project (LCEP) through the next stages of commercialisation.
This includes geotechnical evaluation and pre-feasibility studies.
The money will also be used to complete business development activities and general corporate activities.
“Leigh Creek Energy continues to make solid progress towards commercialising the existing 1153PJ [petajoules] of 2P reserve [the second category used to classify petroleum reserves, indicating that proved and probable reserves exist], whilst developing opportunities to maximise the value of the LCEP for shareholders,” Managing Director Phil Staveley commented.
“We are at an important step in this process and this equity raise will ensure the company has appropriate resources at hand to capitalise on these opportunities,” he said.
Leigh Creek is steady in mid-morning trade and shares are selling for 8.8 cents each at 10:26 am AEST.