Green Dragon Gas
Green Dragon is the parent company of Greka China, and is exclusively focused in gas industry in China. Green Dragon operates within China under its subsidiary Greka China Green Dragon is a gas supplier based in China with a focus on the production, development, production, distribution and sales of natural gas from coal seams, commonly known as coal bed methane or CBM.
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Green Dragon Gas to raise $25 million, considering Hong Kong listing
Green Dragon Gas (AIM:GDG), vertically integrated Coal Bed Methane (CBM) specialist with operations in China, announced that it would raise up to US$25 million at US$3.68 per share (approximately 254 pence). Investors on the shareholder register of the company before 23 February 2009, and within jurisdictions where it would be legal to do so, will be entitled to subscribe up to maximum sum of $3 million. Randeep Grewal, Chairman of Green Dragon Gas, has committed to taking his maximum allotment of $3 million.
In addition to the proposed fundraising, Green Dragon said it had engaged Goldman Sachs to evaluate additional financing options, including a secondary listing on the Hong Kong Stock Exchange.
A updated resources report is expected to announced before the end of February, the company added.
The proceeds of the placing will be used for working capital purposes and the repayment of the balance of a convertible bond.
“The imminent release of our updated year end 2008 Netherland Sewell report is expected to show the Company’s continued successes. We believe the significance and accretive value of our proprietary horizontal SIS drilling technology will act as a catalyst for us and for the CBM industry in China. The Company has decided to offer its shareholders the opportunity to subscribe to an offer of new shares in which I myself will be participating. Green Dragon intends to benefit all stakeholders from the confluence of the Company’s longevity in the business to date, its technologies and China’s very significant domestic gas demand,” said Randeep Grewal, Chairman and CEO.
Other Green Dragon Gas news
- Green Dragon’s Grewal speaks at prestigious Chinese conference
2011-08-31 - Green Dragon Gas chairman Grewal appointed to provincial gov't board in China
2011-08-03 - Green Dragon Gas says Chinese CBM contracts remain in ‘full force and effect’
2011-03-12 - Enter the Dragons: China's coal bed methane specialist prepares to do the splits
2011-02-16 - Green Dragon Gas to move ahead with Hong Kong IPO
2010-11-09
