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Cluff Natural raised £2 million to develop UK deep underground coal gasification portfolio


Published Nov 13, 2013
Cluff Natural Resources

Cluff Natural Resources proposes to raise £2.0 million by way of a placing and subscription of 66,666,667 new ordinary shares of 0.5 pence each (“Ordinary Shares”) in the capital of the Company ("the Placing Shares") at a price of 3.0 pence per Placing Share ("the Placing") with a range of new and existing institutional investors together with a number of private investors. ("the Placees"). The funds raised will be utilised to advance the Company’s Deep Underground Coal Gasification Licences ("Deep UCG") in the UK in line with its strategy to unlock energy by converting untapped coal into gas.

The Placing is conditional, amongst other things, upon Shareholders passing the resolutions to be proposed at a general meeting of the Company to be held at 11.00 a.m. on 28 November 2013 (the "General Meeting"). As a result, a circular (the "Circular") is expected to be sent to Shareholders today containing information in relation to the Placing and to convene the General Meeting. The Circular will be available on the Company's website at www.cluffnaturalresources.com in due course.

Tags: Cluff Natural Resources




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