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AJ Lucas raising up to A$16.5M for UK shale gas plays

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AJ Lucas (ASX: AJL) is raising up to A$16.5 million to fund its shale gas investments in Cuadrilla Resources and directly in the Bowland Basin, U.K., and is also moving to refinance and restructure its existing debt facilities.

The company has engaged Gleneagle Securities to place up to 10.65 million shares priced at $1.55 per share to fund its shale gas plays.

It has also started the process of refinancing and restructuring its existing senior lending facilities as well as providing additional resources for future development of the Bowland prospect and investment in Cuadrilla.

Proposals have being received relating to a structured finance facility of up to $75 million.

This is expected to refinance the senior lending facility and extend its maturity date by up to three years; provide the company with the capital to meet Cuadrilla and Bowland development over the next 24 months; and provide additional liquidity to develop its engineering and drilling businesses.

 

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Quick facts: AJ Lucas Group Ltd

Price: 0.048 AUD

ASX:AJL
Market: ASX
Market Cap: $57.42 m
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