Sino Gas & Energy to Raise A$10.1M via Institutional Placement

Sino Gas & Energy (ASX:SEH) will raise A$10.1 million via an institutional placement after securing binding and irrevocable commitment letters from two institutional investors.

As part of the raising, Sino Gas will place 82,448,979 new fully paid ordinary shares to the investors at $0.1225 per share.

Settlement of the placement is likely to occur on 3 January 2013.

Argonaut Securities acted as the lead manager to the placement.

Sino Gas, through its subsidiary, has interests in the Linxing and Sanjiaobei production sharing contracts in the Ordos Basin in China.

Its interest in the Linxing PSC with CUCBM is 64.75% and in Sanjiaobei PSC held with PCCBM is 49%, while it has a 100% working interest during the exploration phase of the PSC.