QGC placement raises $1.4 million

Queensland Gas Co (QGC), in seeking funds for further appraisal operations at its Surat Basin coal seam gas interests and the next phase of planning for the construction of a gas-fired power plant at the Argyle field, has raised $1.4 million following the placement of shares to institutional clients of Wilson HTM Ltd.
QGC placement raises $1.4 million 
QGC placement raises $1.4 million 
QGC placement raises $1.4 million 
QGC placement raises $1.4 million 
QGC placement raises $1.4 million

In a statement QGC said, “We will issue 6,829,269 ordinary shares at $0.20.5 cents per share, a discount of 6.7% to the five day weighted average price of QGC’s shares ending 25 October.”

QGC and co-venturer Pangaea Oil & Gas Pty Ltd have recently announced a drilling campaign which is expected to double the certified gas reserves at Argyle and seek out exploration tenements in the basin.

A pre-feasibility study on the construction of the power plant has been completed and QGC is currently in negotiation with Siemens for the generating equipment.

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