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Cluff Natural Resources raises GBP2.2M for UK UCG & North Sea Licences


Published Mar 18, 2015
Cliffs Natural Resources Inc.

Cluff Natural Resources has conditionally raised approximately £2.2 million, before expenses, through the aggregate placing and subscription of 52,013,520 new ordinary shares of 0.5p each ('Placing Shares') at 4.25 pence per share (the 'Placing') with a range of new and existing institutional and private investors.

The Placing comprises 44,222,332 Placing Shares that the Company expects to issue on 15 April 2015 (the 'First Placing Shares')and 7,791,188 Placing Shares that the Company expects to issue on 11 September 2015 (the 'Second Placing Shares').

This funding represents a significant step for CLNR as it continues towards the commercialisation of its deep underground coal gasification ('UCG') licences in the UK and its aim to unlock the vast energy potential of the country's un-mined offshore coal resources as well as in the development of its Southern North Sea gas licences.

Tags: Cluff Natural Resources




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