Dual-listed L&M Energy's offer of up to $2.85 million to its shareholders has gained strong support from New Zealand investors.
The offer closes today, Having completed an $8.5 million capital raising from institutional and sophisticated investors in July, L&M announced an offer to shareholders later that month.
Interest in the 9c a share issue, to a maximum $15,000 worth per shareholder, could amount to $2.85 million if all 1900 shareholders took up the maximum offer.
New Zealand investors had been taking up the offer on the 3:1 comparison with Australian counterparts, a company spokesman said yesterday.
The $8.5 million raised earlier will be used to boost coal-seam gas exploration in the South.
The company is scheduled to have a $2 million pilot production project operational in Ohai in Southland by September to measure gas flows.
