NuEnergy Gas (ASX:NGY) raised AU$3.1 million through an institutional placement of 80.2 million shares at AU$0.038 each, with a further 526,316 shares issued to SP Corporate Advisory for its support to lead manager Sequoia Corporate Finance, according to an Australian bourse filing on Sept. 11 after market hours.
Placement participants received one free option for every two shares subscribed, resulting in 40.1 million options, while the lead manager was granted an additional 16 million unlisted options, per the filing.
The placement resulted in the issuance of a total of 56.2 million options, the filing added.