The placement of about 27 million shares at $3.70 each to institutional and sophisticated investors in the US, UK, Asia and Australia was managed by BBY Limited.
Linc added that some of the funds would provide additional working capital including the acceleration of the Linc Energy drilling program at the Chinchilla, Emerald, Biloela and Sapex areas.
The remaining funds will be used to expand and fast-track the engineering feasibility study for Linc's 20,000 barrel per day Syngas gas-to-liquids commercial facility, placing early orders for some longer lead items for the commercial facility, and further expansion of its underground coal gasification programs in Queensland, South Australia and overseas.
Linc had earlier this month made a $104 million offer for Sapex that valued the outback explorer at 72c per share.
Sapex holds seven petroleum exploration licences covering about 65,000 square kilometres in the underexplored Arckaringa Basin in central South Australia.
According to the company, the region has the potential for significant oil and gas discoveries and is also expected to have coal seam methane potential from the known sub-bituminous coal deposits.
Sapex also has a memorandum of understanding with Linc over exploration licence EL 33225 and 3326, and PEL 120 to establish underground coal gasification.
