Looks like we are back in business CNX cafeteria now serving Yum...

Looks like we are back in business

CNX cafeteria now serving Yum Cha

Carbon Energy raises a total of $3.48 million under the rights issue Carbon Energy (ASX:CNX, OTCQX:CNXAY) announces the entitlements accepted and top-up shares applied for under the rights issue (which closed on Monday 4 April 2016) represent total proceeds of $1,682,757. Acceptances of entitlements and under the top up facility under the rights issue announced on 11 March 2016 have been received from shareholders for a total of 129,442,859 New Shares or 32% of the New Shares offered under the rights issue. As disclosed in the information booklet, APP Securities Pty Ltd has partially underwritten and the Company’s cornerstone investor Kam Lung Investment Development Company Limited (Kam Lung) has sub-underwritten the rights issue to a maximum of $1,800,000. In addition to the subunderwriting, Kam Lung has taken up its full entitlement. This entitlement is included in the acceptances described above. Kam Lung will, as sub-underwriter, be issued 138,461,538 New Shares (in addition to those it applied for under the rights issue) under the terms of the sub-underwriting agreement, representing $1,800,000. This will bring Kam Lung’s interest in the Company to 514,760,847 shares representing 29.19%. The total amount raised under the rights issue and sub-underwriting was $3,482,757 representing 267,904,397 New Shares or 66% of rights issue. The shortfall remaining from the rights issue after taking into account the acceptances received and the $1,800,000 underwriting is $1,820,340, representing 140,026,159 New Shares (Shortfall) or 34% of the rights issue. The Company and APP Securities Pty Ltd (the lead manager for the rights issue) are working together to seek to place the Shortfall.