Elixir Energy banks up to $10.5 million to fund Daydream-2 and Nomgon
August 29, 2023 at 11:41 am
Share
(via NewsDirect)
Elixir Energy Ltd (ASX:EXR) MD Neil Young speaks with Proactive following the news the company has raised $7 million from institutional and sophisticated investors in a placement. Existing shareholders will be invited to participate in a share purchase plan on the same terms to raise an additional $3.5 million. The cash injection means Elixir Energy’s Grandis and Nomgon projects are now fully funded through the Daydream-2 drilling and Nomgon pilot programs.
Young, said: “We are very pleased to procure this financial backing from existing and new shareholders to support our projects in Australia and Mongolia – in particular the imminent drilling of the high impact Daydream-2 well. The SPP element of the capital raising is designed to provide all shareholders with the opportunity to support the Company on the same terms as for the Placement participants. We look forward to keeping all of our shareholders well informed as we approach the spud date for Daydream-2, which we view as a pivotal catalyst in the Company’s growth plans”.
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
jonathan@proactiveinvestors.com
Copyright (c) 2023 TheNewswire - All rights reserved.
Copyright (c) 2023 TheNewswire - All rights reserved., source Press Releases
Elixir Energy Limited is an Australia-based gas exploration and development company. The Company is focused on primarily focused on an exploration and appraisal program targeting natural gas in the form of coal-bed methane (CBM) in Queensland, Australia and the South Gobi, Mongolia. It is also developing Gobi H2 green hydrogen project and solar project in Mongolia. The Company holds 100% of a Queensland exploration permit ATP 2044, named Grandis Gas Project, located in the Taroom Trough of the Bowen Basin, Queensland. Its Grandis Gas Project covers an area of 1,000 square kilometers (km2) located close to existing gas transmission infrastructure centered on the Wallumbilla gas hub. he Nomgon IX CBM PSC (Nomgon Project) is located on the Mongolian Chinese border, around 400 kilometers (km) North of Chinaâs main gas transmission grid. The Nomgon Project license area covers 30,000 km2 (seven million acres). Its subsidiaries include Golden Horde Pty Ltd, GOH LLC, GOH Clean Energy LLC.