Brisbane firm HopgoodGanim has advised Bow Energy Ltd on the institutional placement of 42.1 million new ordinary shares to raise $48.4 million, and a share purchase plan for eligible existing shareholders to raise up to $30 million.
The proceeds of this capital raising will be used to fund Bow's exploration, production and development activities, as well as the construction of Bow's 30MW Blackwater Power Station.
According to HopgoodGanim partner Michele Muscillo, this capital raising demonstrates the high level of interest and ongoing investment in Queensland's burgeoning coal seam gas (CSG) industry.
"Investor interest in CSG and LNG exploration has grown hugely. It's a very exciting part of Queensland's resources industry.
"The fact that the share placement was oversubscribed by investors shows the confidence that both the investing public and institutions have in the CSG industry.
HopgoodGanim has advised Bow Energy since its spin out from Arrow Energy in 2005.