LNG Ltd. raises $49.5m for Magnolia project

The company placed 90m shares at 55 cents each to fund its Louisiana export terminal project.

Liquified Natural Gas Ltd. has raised $49.5 million with a placement of 90m ordinary shares at 55 cents each to US and Australian investors, the company said. 

The raising will ensure the Magnolia LNG project is fully funded to its financial close, planned for mid 2015. Subsidiary Magnolia is developing an 8m tonne a year LNG export terminal in Louisiana. 

The placement attracted very strong demand from existing Australian institutional shareholders as well as a group of US institutional investors, a company statement said.