Achievement of Institutional component in accelerated non-renounceable entitlement offer

State Gas Limited (ASX: GAS) has completed the institutional component of its 1 for two accelerated non-renounceable entitlement offer, raising approximately AU$3.0 million by issuing about 59.3 million new shares at an offer price of AU$0.05 each. This was conducted alongside a placement that raised an additional AU$2.0 million.

Each new share comes with a 12-month option exercisable at AU$0.08 for every two shares issued. The prospectus for the entitlement offer was lodged with ASIC and ASX on August 5, 2024, with eligible retail shareholders receiving their prospectus around August 8. Trading resumes on an ex-entitlement basis on August 6, 2024, with the retail entitlement offer opening on the same day and closing on August 22, 2024. Trading in the new shares from the retail offer begins on August 30, 2024.

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