LNG turns to ASX BookBuild for $15m raising

Liquefied Natural Gas Ltd is seeking to raise $15 million in an institutional placement through the ASX BookBuild platform.

The company went into a trading halt on Monday morning, as brokers started contacting potential investors.

LNG was looking to raise $15.3 million through the sale of 45 million shares at 34¢ each. The offer was priced at a 5.6 per cent discount to the company’s last close.

Foster Stockbroking was mandated as lead manager.

The placement was to be done on ASX BookBuild under the code “LNGXBB". It means all brokers can bid for stock on behalf of clients.

Funds were to progress all permits and environmental approvals required by the Federal Energy Regulatory Commission (FERC), according to a termsheet sent to investors.