Energy Equity raises funds

Energy Equity raises funds

SYDNEY (Reuter): Energy Equity Ltd said yesterday it would raise A$28 million through a share issue of 42.5 million shares at 66 cents each.

Energy Equity (EEC) Managing Director Maurice Brand said the capital raising would be used by EEC to fund new energy project opportunities in Indonesia, Australia and the Pacific Region.

He said EEC had just finished presentations to international investors.

"There is an enormous interest by the international community in infrastructure and energy projects in South East Asia," Brand said.

The placement would be conducted in two tranches, with a first tranche of 19.125 million ordinary fully paid shares of 20 cents each at 66 cents each.

The second tranche of 23.375 million shares of 20 cents each at 66 cents would be subject to approval at an extraordinary general meeting on July 5.