BRISBANE law firm Hopgood Ganim Lawyers has advised ASX-listed Bow Energy on a placement and share purchase plan to raise up to $77 million.
The share placement raised $40 million from institutional and sophisticated investors, while the share purchase plan, to be offered to existing shareholders, will raise up to $37 million. The share purchase plan is underwritten by Wilson HTM Corporate Finance Ltd to $10 million.
This capital raising will provide significant funding for the Australian oil and gas company’s development plans, including for the development of a gas-fired power station and further exploration of the company’s coal seam gas tenements.
According to HopgoodGanim Partner Nicole Radice, who led the team advising on the capital raising, the strong investor interest in this share placement demonstrates the strength of Bow Energy’s development and exploration strategy.
“The success of the placement is a credit to Bow Energy, and we expect that there will also be significant interest from existing shareholders in the share purchase plan,” she said.
“HopgoodGanim advises a number of companies in the resources and energy sector, and we’re pleased to advise Bow Energy on their capital raising activities to help them move towards their development goals.”
The share purchase plan is expected to close on 11 December 2009, with shares issued under the plan expected to begin trading on 18 December 2009.