Issue of Equity

RNS Number : 5925U

Green Dragon Gas Ltd

16 May 2008

 



16 May 2008

GREEN DRAGON GAS LTD.

('Green Dragon' or the 'Company')

COMPLETION OF PLACING

Green Dragon Gas Ltd (AIM: GDG), the Chinese coal bed methane ('CBM') business, announces that the Company has completed the placement of 4,728,356 ordinary shares of USD0.0001 each ('Ordinary Shares') with institutions in Australia and Asia. The Ordinary Shares were placed at a price of USD7.98 each (representing a premium to the last traded price of the Company's shares at the time the placing price was fixed), raising USD37.73 million (before expenses) for Green Dragon.

Application has been made for the Ordinary Shares to be admitted to trading on AIM and it is anticipated that dealings will commence on 19 May 2008.

Following the issue of shares, the total voting rights in the Company is 99,241,769 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Services Authority's Disclosure and Transparency Rules.

For further information on the Company and its activities, please refer to the website at www.greendragongas.com or contact:

Randeep S. Grewal / Betty Cheung, 

Green Dragon Gas                                                          [phone]

Tim Thompson / Nick Melson, 

Investor Relations, Buchanan                                       [phone]

Dr Azhic Basirov / David Jones, 

Nomad & Broker, Smith &Williamson                          [phone]

Tim Redfern, 

Broker, Evolution Securities                                         [phone]

 

END

 

 

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