AJ Lucas to raise up to $30mln
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SYDNEY, Aug 1 AAP
August 01 2012, 7:14PM
Infrastructure and mining services company AJ Lucas Group says it has secured the support of key shareholders for its $40 million equity raising.
The raising, which was flagged in late June, will be used to meet the company's short-term cash calls to sustain its investment in Cuadrilla Resources, a UK-based energy company that undertakes unconventional exploration techniques.
The funds will also be used to sustain AJ Lucas' directly held investments in shale gas in Europe as well as working capital and for the progressive payment of monies owed to the Australian Taxation Office.
The equity raising will be through a $30 million share placement at $1.35 a share to the company's biggest shareholder, the Hong Kong-based private equity fund adviser Kerogen Investments, subject to shareholder approval.
This is the same price as the rights offer made in December last year.
The use of options will raise a further $10 million.