State Gas Limited (STGSF) Completes Institutional Component of Accelerated Non-Renounceable Entitlement Offer

State Gas Limited (ASX:GAS) (OTCMKTS:STGSF) is pleased to announce that it has successfully completed the institutional component (Institutional Entitlement Offer) of its 1 for 2 accelerated non- renounceable entitlement offer of new fully paid ordinary shares (New Shares) at an offer price of $0.05 (Offer Price) per New Share, with one 12 month option exercisable at $0.08 attaching for every 2 New Shares issued (Entitlement Offer).

As announced on 5 August 2024, the institutional component of the Entitlement Offer closed on 2 August 2024, with the Company receiving strong support from existing shareholders. The Company has now completed allocations of approximately 59.3 million New Shares at $0.05 to raise approximately $3.0 million in the Institutional Entitlement Offer. This completed in conjunction with the institutional Placement on the same terms that raised approximately $2.0 million.

New Shares issued under the Placement and Entitlement Offer will each rank equally with ordinary shares already on issue.

Prospectus

The Prospectus relating to the Entitlement Offer was lodged with ASIC and ASX on 5 August 2024 and will be despatched to eligible retail shareholders on or around 8 August 2024. Further information regarding the Entitlement Offer can be found in the Prospectus.

*To the indicative timetable, please visit:
https://abnnewswire.net/lnk/0U10A216

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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