Leigh Creek cashing up for SA project

LEIGH Creek Energy has secured funding for the pre-commercial demonstration stage and subsequent commencement of the commercial approval and studies phase of its namesake in-situ coal gasification project in South Australia.

Leigh Creek cashing up for SA project Leigh Creek cashing up for SA project Leigh Creek cashing up for SA project Leigh Creek cashing up for SA project Leigh Creek cashing up for SA project
The company recorded an oversubscribed placement of 54.77 million shares at 16c each to institutional, sophisticated and professional investors.
 
This included strong support from domestic funds and from the company's existing major shareholder, China New Energy Group.
 
The placement, managed by CCZ Statton Equities, raised $8.7 million before costs.
It will soon be followed by a share placement plan opportunity for existing eligible shareholders. 
 
Funding from both processes will help to advance the PCD stage of the Leigh Creek Energy Project and completion of a feasibility study and drilling for the project's small scale power plant, as well as general working capital.