Carbon Energy Limited (ASX:CNX) Pacific Road Completes Acquisition Introducing New Instituional Investor
Brisbane, May 10, 2010 AEST (ABN Newswire) - Carbon Energy Limited (
ASX:CNX) (PINK:CNXAF) has been advised by Pacific Road Capital Management Pty Limited ("Pacific Road Capital") that it has completed its acquisition of a 10% interest in CNX from the CSIRO. As contemplated in the 29 March 2010 announcement, Pacific Road Capital has introduced one of their significant international investment fund shareholders in the Pacific Road Resources Fund to take a direct interest of 4.9% in CNX, with the Pacific Road Resources Fund holding the balance of 5.1%.
As previously announced, the transaction was completed at A$0.60 per share, with Pacific Road Capital holding an option over the CSIRO's remaining 4.8% interest in CNX at a price of A$0.93 per share.
About Carbon Energy Limited
Carbon Energy (ASX:CNX) (OTCMKTS:CNXAY) is building a gas business, utilising its unique keyseam technology.
The Company is committed to providing industrial gas users with an affordable and secure source of high quality feedstock, as gas prices remain strong, through increased demand across our key markets.
Carbon Energy is the only company to complete a full-lifecycle, commercial scalable underground gasification trial. The Company's keyseam technology has successfully accomplished all the recommendations outlined by the Queensland government's Independent Scientific Panel (ISP) which included intense, independent environmental scrutiny.
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