LNG Limited, the Australian company developing two LNG export projects in North America, closed the share placement to IDG Energy Investment Group, raising A$28.2 million ($21.4 million) in the process.
The shares placement was initiated at the start of the month when LNG Limited said it will place 56,444,500 shares to an IDG Energy Investment Group’s unit.
According to the company’s statement on Wednesday, net proceeds from the share placement will be used to support the ongoing liquefied natural gas (LNG) offtake marketing efforts focused on Magnolia LNG as well as for general corporate purposes.
LNG Limited said at the beginning of the month that IDG Energy Investment, which is an affiliate of IDG Capital, will hold a 9.9 percent interest in LNG Limited.
LNG Limited’s Magnolia liquefied natural gas project in the port of Lake Charles, Louisiana, in the United States will have an 8 mtpa production capacity.
The company is also developing the Bear Head LNG project in Canada’s Nova Scotia with an 8-12 mtpa production capacity with potential for further expansion. Natural gas supplies to the project would be delivered via the Bear Paw pipeline, proposed for construction by LNG Limited.