Business
Raised ?2M for UK Deep UCG Portfolio
Raised ?2M for UK Deep UCG Portfolio.
About this update from Deltic Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7526S Cluff Natural Resources plc 12 November 2013 \n \n\nCluff Natural Resources plc / Index: AIM / Epic: CLNR / Sector: Natural Resources\n12 November 2013\nCluff Natural Resources plc (\"CNR\" or \"the Company\")\nRaised £2 Million to Develop UK Deep Underground Coal Gasification Portfolio \n \nCluff Natural Resources plc, a company founded by natural resources entrepreneur Algy Cluff, is pleased to announce that it proposes to raise £2.0 million by way of a placing and subscription of 66,666,667 new ordinary shares of 0.5 pence each (\"Ordinary Shares\") in the capital of the Company (\"the Placing Shares\") at a price of 3.0 pence per Placing Share (\"the Placing\") with a range of new and existing institutional investors together with a number of private investors. (\"the Placees\"). The funds raised will be utilised to advance the Company's Deep Underground Coal Gasification Licences (\"Deep UCG\") in the UK in line with its strategy to unlock energy by converting untapped coal into gas.\n \nThe Placing is conditional, amongst other things, upon Shareholders passing the resolutions to be proposed at a general meeting of the Company to be held at 11.00 a.m. on 28 November 2013 (the \"General Meeting\"). As a result, a circular (the \"Circular\") is expected to be sent to Shareholders today containing information in relation to the Placing and to convene the General Meeting. The Circular will be available on the Company's website at www.cluffnaturalresources.com in due course.\n \nSince January 2013 the Company has been awarded five Deep UCG licences in the UK, totalling 30,881 hectares, by The Department for Energy and Climate Change and by The Coal Authority. The licence areas include Kincardine and Largo Bay in the Firth of Forth in Scotland; the Loughor Estuary in Carmarthenshire in Wales; the Dee Estuary in Merseyside and North Wales; and Whitehaven in North Cumbria. Deep UCG is a proven process which enables coal, in situ, to be converted into syngas, by partial oxidation, and has been utilised onshore in a number of countries such as Australia, South Africa, China, Canada and the United States of America. The Directors believe that Deep UCG offshore could lead to the gasification of much of the billions of tonnes of untapped coal surrounding the UK's coastline which ...