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The latest update is out from NuEnergy Gas Limited ( (AU:NGY) ).
NuEnergy Gas Limited has announced a non-renounceable pro-rata entitlement offer to raise up to $4.62 million, with Global Energy Resources Sdn Bhd underwriting 68.60% of the offer without charging a fee. The underwriting agreement includes several termination conditions, such as adverse changes in the company’s financial position or legal issues. The board considers the terms favorable and does not require shareholder approval, indicating a strategic move to strengthen the company’s financial position and support its growth plans in the Indonesian energy market.
More about NuEnergy Gas Limited
NuEnergy Gas Limited is an independent clean energy company focused on developing Indonesian unconventional gas assets. The company aims to provide superior value to investors by supplying clean energy to meet Indonesia’s growing energy demands. NuEnergy holds four onshore coal bed methane Production Sharing Contracts in South Sumatra, Indonesia, and is focused on moving these assets from exploration to development, integrating them into a CBM hub to supply sustainable energy locally.
YTD Price Performance: 38.89%
Average Trading Volume: 103,323
Technical Sentiment Signal: Sell
Current Market Cap: A$42.74M
For a thorough assessment of NGY stock, go to TipRanks’ Stock Analysis page.