State Gas Limited (STGSF) Share Purchase Plan Results

State Gas Limited (ASX:GAS) (OTCMKTS:STGSF) advises that the Share Purchase Plan ("SPP") announced on Tuesday, 8 August 2023 closed on Thursday, 31 August 2023. Under the terms of the SPP, eligible shareholders were entitled to be issued up to $30,000 worth of shares in the Company at the SPP issue price.

The SPP offer was made to 1,429 eligible shareholders, with valid applications received from 163 eligible shareholders for a total of $2,385,094 and an average application amount of approximately $15,000.

The SPP shares will be issued at $0.15 per share (SPP Issue Price), being a 16.7% discount to the volume weighted average market price of the Company's shares calculated over the last 5 days on which sales in the Company's shares were recorded before the SPP was announced on Tuesday, 8 August 2023.

State Gas expects the 15,900,675 new SPP shares to be issued on Wednesday, 6 September 2023 and to commence trading on ASX on Thursday, 7 September 2023.

Funds raised from the SPP will be used to fund additional drilling and working capital.

Doug McAlpine
Chief Executive Officer
Phone: 0488 007 889
Email: doug@stategas.com

Richard Cottee
Executive Chairman
Phone: 0458 517 850
Email: richard@stategas.com

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