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Eneabba Gas to raise up to A$396,166 for Sargon Coal project exploration

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Eneabba Gas (ASX: ENB) will raise up to A$396,166 through a second private placement of 13,025,540 shares at A$0.03 per share for continued exploration of its Sargon Coal project in the Mid West region of Western Australia.

Funds will also be used for ongoing review and funding the costs of seeking out, researching and reviewing new investment and joint venture opportunities for the company, repayment of director loans and working capital.

In addition, proceeds will go towards evaluation of the proposed 168 MW Centauri 1 Gas-fired Power Station near Dongara, Western Australia. The  Sargon coal resource has potential to underpin the development of the power station and be the first underground coal gasification project in the state.

In October Eneabba received an extension of its Environmental Protection Authority Works Approval: W4301/2006/1 for the Centauri 1 Power Station until December 20, 2015.

The company expects to finalise and close this placement in the next few days.

On November 3 Eneabba closed its underwritten one for two non-renounceable entitlement to raise A$1.47 million before costs. The company issued an offer document in early October to shareholders offering a little over 49 million shares at $0.03 each. 

Ventnor Securities covered the shortfall of the nearly 20.3 million shares that were not subscribed for by shareholders.

In late September, Eneabba also raised $352,728 under a placement of shares.

Quick facts: Eneabba Gas Ltd

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ASX:ENB
Market: ASX
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