Leigh Creek Energy (LCK) is offering existing shareholders the opportunity to participate in the company’s share purchase plan (SPP).
Under the plan, eligible shareholders could purchase up to $30,000 worth of new ordinary shares in the company without paying any brokerage or other charges.
Participation in the SPP is available to shareholders who were registered as holders on or before 10 January 2022 with a registered address in Australia or New Zealand.
Funds raised under the SPP will be used to progress the company’s flagship urea project, Leigh Creek Urea Project, through the next phase of the commercial pathway.
Shareholders will be able to purchase shares at an issued price of $0.15 per share, which represents a 6.25 per cent discount to the closing price on ASX on 10 January.
Leigh Creek is targeting to raise around $5,000,000 under the plan; however, the company may decide to accept applications that result in the SPP raising more or less than the target amount.
The option to participate will open on 17 January and will remain until 7 February 2022.
Subscribe to Oil & Gas Today for the latest industry news.