Clayton Utz guides Singapore firm on $16m raising

The raise involves a $13m placement and a $2.85m SPP

Clayton Utz guides Singapore firm on $16m raising

Clayton Utz has assisted Singapore-based gas and exploration firm Conrad Asia Energy Ltd on its approximately $16m capital raising.

The equity raising was announced on 2 February; it involves a $13m placement and a security purchase plan (SPP) to raise $2.85m. The placement completed successfully on the same day, and the SPP opened on 9 February.

The placement was priced at $0.95 per CHESS depositary interest (CDI), targeting both new and current institutional and sophisticated investors. In addition, the SPP will be open to oversubscriptions.

Wilsons and Bell Potter were appointed as joint lead managers for the placement. The net proceeds from both the placement and SPP will be used in exploration studies and seismic studies in Aceh and general project costs, as well as general and administrative expenditures.

Corporate partners Mark Paganin and Stephen Neale headed up the Clayton Utz team alongside senior associates William Davies and Tashreen Tourabaly. They were supported by lawyers Victoria Bandurski, Matthew Ledger and Daniel Martinez.

Conrad is a natural gas exploration and production company focusing on the shallow waters off the coast of Indonesia. The Mako Gas Field in the Natuna Sea is its flagship project.

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