Cooper Energy: Raises $183m to fund Victorian processing plant purchase

Cooper Energy Raises $183m to fund Victorian processing plant purchase

• Cooper Energy (COE) raises $183 million from the institutional component of a planned capital raise to fund the acquisition of the Orbost Gas Processing Plant in Victoria
• The institutional component comprised a placement and a two-for-five entitlement offer, with new shares offered at 24.5 cents each
• In addition to these funds, the company is hoping to raise $61 million from a retail entitlement offer
• This brings the total amount to be received under the capital raising program to $244 million, which is fully underwritten
• CooperEnergy shares are trading 17.8 per cent lower today at 24.3 cents each at 2:03 pm AEST