The Australian gas and power project developer today said it had reached agreement with institutional and sophisticated investors for a placement of 200 million shares at 50c each to raise $100 million.
Funds raised will be used to finance construction of an LNG plant, LNG terminal and power plant expansion.
"Last year we announced that we had successfully acquired 100% control of our Sulawesi gasfield [in Indonesia] and power plant and this marked a turning point in our company's history as we could start the development of a regional LNG business," executive chairman Stewart Elliot said.
"Today, with the strong support of institutional and sophisticated investors in Australia, Hong Kong and the UK, we have the equity available to us to put our plans into motion."
EWC said the placement price represents a 5.5% discount to its closing share price on February 8 and the shares issued will rank equally with the company’s existing ordinary shares.
The shares will be issued in two tranches with the first tranche of 184.67 million shares to be issued on or around February 20. Issue of the second tranche of 15.33 million shares is subject to shareholder approval, which will be sought at a meeting.
