Renergen - ASX listing and open offer details
Renergen has provided details of its planned listing on the Australian Stock Exchange (ASX). The replacement prospectus was published on 8 May with the company looking to raise A$5m gross at an offer price of $0.8 per CHESS depository interest (CDI). The closing date of the offer, which is only available to Australian and New Zealand residents, is 22 May 2019 with new CDIs expected to start trading on 31 May. Net proceeds are to be used to drill additional wells into proven gas reserves in the Virginia gas field project, operated by Renergen subsidiary Tetra4. In addition, the funds will be used to partially fund a feasibility study for the commercialisation of the high concentration helium reserves contained in the Virginia gas project’s prospective sandstone deposit. Renergen’s ASX listing will give it additional liquidity and access to capital to support expansion. We published an update note on Renergen in January 2019; our forecasts are now under review as we incorporate information within the ASX IPO prospectus.Renergen Ltd. Renergen Limited is an integrated alternative energy company. The Company invests in early-stage alternative energy projects. The Company focuses on the alternative and renewable energy sectors in South Africa and sub-Saharan Africa. The Company holds interests in Tetra4 Proprietary Limited (Tetra4) and Windfall Resources Limited (Windfall). Tetra4 is a natural gas producer that provides sustainable, clean energy solutions to energy users in the Free State Goldfields region. Tetra4 has approximately 10 methane-rich natural gas and helium wells. Tetra4 owns the production right, which spans approximately 187,000 hectares in the Free State near Virginia, Theunissen and Welkom, and is surrounded by approximately 98,000 hectares of exploration rights. The Company owns an exploration right of an approximately 52,000 hectare field located in Evander, Mpumalanga, as well as farm-in rights to approximately two reserves near the towns of Kroonstad and Heilbron.
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