The group, which felt it was undervalued on the Australian Securities Exchange, intends to use the funds raised for the development of its conventional oil and gas business, its unconventional oil and gas projects and for working capital and other general corporate purposes, Linc Energy CEO Peter Bond said.
“I would like to warmly welcome our new shareholders to the Linc Energy family as well as thank our existing shareholders registered in Australia for their support and loyalty as we make SGX our new exchange,” Bond said.
“We are very encouraged by the response to our offering from investors both overseas and local as they clearly recognise the potential and value of the group’s global portfolio of oil, gas and coal assets and its proprietary Underground Coal Gasification (UCG) technology.
“This listing on the SGX marks the next phase of the group’s long-term growth strategy in the global marketplace as our footprint extends from America and Europe, to Africa, Asia and Australia.
“While we continue to focus on conventional and unconventional oil and gas production throughout the world, our listing on the SGX will provide us with a truly global platform that will recognise inherent shareholder value and facilitate growth.”
Linc offered 47,850,000 shares at $S1.20 each as part of the capital raising.