By Devika Patel
Knoxville, Tenn., July 14 - Island Gas Resources plc said it will raise £3.46 million in a private placement of shares.
The company will sell 5,766,666 ordinary shares at 60p apiece.
Proceeds will be used for working capital requirements, to accelerate activity and potentially increase the company's resource base.
Island Gas is a London-based developer of coal bed methane.
| Issuer: | Island Gas Resources plc
|
| Issue: | Ordinary shares
|
| Amount: | £3.46 million
|
| Shares: | 5,766,666
|
| Price: | 60p
|
| Warrants: | No
|
| Pricing date: | July 14
|
| Stock symbol: | London: IGAS
|
| Stock price: | 65.99p at close July 14
|
| Market capitalization: | £42.1 million
|
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