Alternative and renewable energy business Renergen has raised AUS$10m ($7m) in a secondary listing on Australia’s stock exchange.
The South African company, who is developing the country’s first commercial LNG project – the Virginia Gas Project, said it had raised AUS$10m ($7m) with oversubscriptions through the issue of 12.5 million shares at AUS$0.80 ($0.56).
“Renergen provides to investors a unique exposure to helium; a rare, finite commodity with strong demand and supply fundamentals,” Stefano Marani, CEO and Managing Director explained.
“Renergen owns 90% of Tetra4 Proprietary Limited (Tetra4), the holder of the first and only onshore petroleum production right in South Africa, giving it first mover advantage.”
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