Norton Rose Australia, assisted by Norton Rose's Hong Kong office, has advised New Guinea Energy Limited in connection with a private placement to raise $20,184,559.
The placement of shares to Quantum Partners LP, a private investment fund managed by Soros Fund Management LLC, will be issued in two tranches. Funds raised pursuant to the placement of shares will provide New Guinea Energy with additional working capital to fund its continuing exploration activities.
New Guinea Energy, listed on both the ASX and the Port Moresby Stock Exchange, is focused on petroleum exploration and production in Papua New Guinea.
Partner Shaun Clyne and senior associate Judy Yeung led the team, and were assisted by partner Andrew Abernethy and senior associate Christopher Bailey-Gates of Norton Rose Hong Kong.