Cooper Energy raised AU$61 million to support Orbost Gas acquisition

Cooper Energy Limited (ASX: COE) announced that it had raised a total of AU$61 million through the retail component of its fully underwritten accelerated non-renounceable 2-for-5 pro-rata entitlement offer, which was announced on 20 June 2022. Under the retail entitlement offer, the company received applications from eligible retail shareholders for 29,281,075 new shares.

The company has closed the Retail Entitlement Offer after a strongly supported institutional placement, which raised a combined total of AU$183 million. The total fund raised via the equity raising of AU$244 million will help the company to fund its acquisition of the Orbost Gas Processing Plant from the APA Group. The fund will also be used to fund the upfront payment of AU$210 million for that acquisition.

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