Leigh Creek Energy - Fully capitalised for pre-commercial demo
On 31 March 2017, Leigh Creek Energy (LCK) announced that it had raised A$21.85m of new equity; net proceeds are to be used to fund the company’s pre-commercial ISG demonstration project. A new cornerstone investor has also been added to LCK’s shareholder register, China New Energy, a Hong Kong-based company with a mix of assets in China including steel mills, gas fired power stations and coal mines. Our RENAV falls from $0.31/share to $0.26/share to reflect the equity dilution but importantly, the new funding provides visibility on the upcoming demonstration project which has the potential to significantly de-risk LCK’s flagship project. We continue to risk our valuation with a subjective 20% chance of commercial success – we expect to revise this risking on completion of the demonstration project.Leigh Creek Energy is engaged in the mineral exploration. Co. operates in the mining and exploration industry in Australia, focusing on its Leigh Creek Energy Project. As of June 30 2016, Co. held 100% interests in petroleum and mineral tenements located in Callabonna, Finniss Springs, Leigh Creek, Oakdale, and Roxby Downs.
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