Jade Gas completes $11M share placement
- Jade Gas (ASX:JGH) has completed an $11 million capital placement to issue 91.67 million new shares at $0.12 each.
- The capital raise boosts the total cash position of Jade Gas to over $20 million.
- Jade Gas plans to use the funds to advance its TTCBM Project in Mongolia and support a proposed listing on the Hong Kong Stock Exchange.
Jade Gas Holdings (ASX:JGH) completed an $11 million capital placement, lifting its total cash reserves above $20 million.
The transaction completes a capital raising process that Jade Gas first announced across two market updates in July.
“The placement represents an important milestone for the company and reinforces our ability to advance the TTCBM Project,” said Jade Gas Executive Director Joe Burke.
Jade Gas amended the deal terms to issue one attaching option for every share subscribed, creating 91.67 million options exercisable at $0.15.
Following the announcement, the Jade Gas share price was unchanged at $0.81, while management targets definitive project agreements by the end of the third quarter.
The company stated that net proceeds will support tenure preservation and pre-development work across its coal seam gas assets in Mongolia's TTCBM Basin.
