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State Gas Ltd. ( (AU:GAS) ) has issued an announcement.
State Gas Limited has raised $3.2 million through the issuance of unsecured convertible notes at a 33% premium, with additional support from directors converting $0.5 million of their debt into notes. This funding will accelerate predevelopment activities for the Rolleston West Project, following the recent certification of a maiden 2P Reserve, and reflects strong investor confidence in the company’s commercialisation strategy. The funds will be used for engineering, commercial resources, gas processing studies, and securing a project partner to support the development of a new gas project.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
More about State Gas Ltd.
State Gas Limited is a company operating in the energy sector, focusing on the exploration and development of natural gas resources. Its primary project is the Rolleston West Project, which is aimed at addressing the increasing demand for natural gas on the East Coast of Australia.
Average Trading Volume: 813,691
Technical Sentiment Signal: Sell
Current Market Cap: A$11.79M
Learn more about GAS stock on TipRanks’ Stock Analysis page.