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Sunbird Energy completes $5m Stage 1 capital raising


Published Oct 8, 2014
Sunbird Energy Ltd.-2

Southern African gas explorer and developer Sunbird Energy Ltd has completed the Stage 1, USD$5,000,000, Vandasia Transaction, previously announced on 9 September 2014.

The USD$5,000,000 Stage 1 investment by the Pan-African investment company Vandasia Investments Limited (Vandasia) for subscription of 20,367,127 fully paid shares, equates to AUD$0.277 per share which is a premium of 45.6% to the Company's closing share price on 8 September prior to announcement of the Transaction.

On completion of Stage 2 of the transaction, Sunbird will have received over AUD$25,000,000 in capital (subject to exchange rates) and will secure a major strategic partner in Vandasia to help advance development of the Ibhubesi Gas Project in South Africa. Stage 2 of the investment, which is subject to shareholder approval and execution of a Gas Sales Term Sheet with a potential customer, is due for completion by 30 November 2014.

Tags: Sunbird Energy Ltd.




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