ICON RAISES CASH

Written on the 14 November 2012

ICON RAISES CASH

ICON Energy (ASX: ICN) has undertaken a capital raising venture to fund its continued operations in the Cooper Basin gas field, which will include fraccing and an additional exploration well in the promising ATP855 tenement.

The Broadbeach Waters-based junior explorer has secured $10 million from institutional and professional investors by selling about 45.5 million new shares at $0.22 each, it announced today.

Icon will make the offer available to private investors at the same price through a share purchase plan (SPP) this month, with a limit of $15,000 per shareholder and to be capped at a level decided by the directors.

It is an 18.5 per cent discount on Icon’s last closing price of $0.27, before it went into a trading halt on Monday.

The price dropped to $0.23 when the shares came out of the trading halt this morning.

The proceeds will be used to fund activities in the Cooper Basin, specifically Icon’s contribution to Halifax-1 well costs ATP855, including fracture simulation, plus an additional exploration well in the same tenement.

Icon managing director, Ray James (pictured), says there was strong demand from both existing shareholders and new investors and is “pleased to provide the opportunity for existing shareholders to subscribe through the SPP at the same price as the placement.”

Fellow Gold Coast explorer, CuDeco, came out of a three-week trading halt yesterday after announcing a $30-million capital raising.


Latest News

FURNITURE RENTAL GROUP TO PAY $100,000 TO VULNERABLE REGIONAL CUSTOMERS

WHITE goods and furniture rental company, The Rental Guys, will refund regional customers $100,000 after the Austr...

MYER SHARES TUMBLE AS PROFITS HIT HARD BY RETAIL FAILURES

MYER'S (ASX: MYR) full year profit will be largely wiped out because of weak trading conditions and the strugg...

BELLAMY'S SHARES TANK AFTER TRADING HALT IS LIFTED

SHARES in infant formula maker Bellamy's Australia (ASX: BAL) plummeted 11 per cent in early trade on Thursday...

HOW A FORMER BEAUTY THERAPIST SCORED AN INVESTMENT FROM SHARK TANK'S STEVE BAXTER

WHILE most teenagers are busy getting through their homework and social media, Jade Castle was already running a b...

Related News

FURNITURE RENTAL GROUP TO PAY $100,000 TO VULNERABLE REGIONAL CUSTOMERS

WHITE goods and furniture rental company, The Rental Guys, will refund regional customers $100,000 after the Austr...

MYER SHARES TUMBLE AS PROFITS HIT HARD BY RETAIL FAILURES

MYER'S (ASX: MYR) full year profit will be largely wiped out because of weak trading conditions and the strugg...

BELLAMY'S SHARES TANK AFTER TRADING HALT IS LIFTED

SHARES in infant formula maker Bellamy's Australia (ASX: BAL) plummeted 11 per cent in early trade on Thursday...

HOW A FORMER BEAUTY THERAPIST SCORED AN INVESTMENT FROM SHARK TANK'S STEVE BAXTER

WHILE most teenagers are busy getting through their homework and social media, Jade Castle was already running a b...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter