Leigh Creek EnergyLtd. said April 28 that it has raised A$10.8 million before costs viaa private placement of 35,894,999 new fully paid ordinary shares to sophisticated,professional and other investors at 30 Australian cents each.
State One Equities Pty. Ltd. acted as sole lead manager for theplacement and was supported by the company's U.S. adviser, EAS Advisors LLC, actingthrough Merriman Capital Inc.
The funds will be used to invest in the Leigh Creek thermal coal project in South Australia,with funds directed toward initial gas flaring development activities.
Part of the net proceeds will be used for general working capital.
In addition, the company is pursuing several additional strategicfunding options, including gas sales, power sales and additional strategic partners.