The Sydney-based company, which has evolved from Gunnedah Coal Company, originally planned to list in October when it was seeking to raise $6-10 million via an IPO.

However, this target was revised, with Greenpower closing its IPO yesterday and eyeing a February 4 listing date.

The IPO funds will be mostly used to fund exploration, appraisal drilling and development of the company’s projects in the Gippsland and Otway basins in Victoria, the Eromanga and Willochra basins in South Australia, the Perth Basin in Western Australia and the Gunnedah Basin in New South Wales.

“We are delighted by the support of investors in Australia for our business model,” Greenpower non-executive chairman Alan Favelle said.

“The aim of Greenpower Energy is to become a successful ongoing producer and seller of natural gas in Australia.”

Favelle has been involved in CSM developments since 1984 and joining him at the company is Gerard King, Ron McCullough and Takanao (Tony) Mitsui.

The company envisages that CSM produced and sold from its activities would mostly be used in power plants to produce electricity, however it did flag the possibility for other uses such as for liquefied natural gas as an export fuel.

With the IPO now closed, the company has 63,421,110 shares outstanding of which management and directors own 42%.

Greenpower Energy was initially incorporated as Gunnedah Colliery Company Limited mining coal at Gunnedah NSW in 1899 until the mine’s closure in 1997.