Renergen’s shares rise on Phase 2 funding deal
Natural gas and helium producer Renergen’s JSE-listed share price rose by more than 11% on June 7 after the company announced progress in securing funds for the construction of Phase 2 of its Virginia gas project in South Africa’s Free State province.
Renergen has received approval from the US International Development Finance Corporation for $500-million in senior debt funding, as well as secured a $250-million debt facility from Standard Bank.
Renergen, which is listed on the JSE and the ASX, pointed out that the loans were subject to US Congressional notification; the raising of sufficient equity funding by way of an initial public offering on the Nasdaq or other initiatives; approval by the lenders of the preferred engineering, procurement and construction contractor; and approval by the lenders of the preferred operations and maintenance contractor.
“Having achieved this major milestone bears testament to the quality of the Virginia gas project and the impact it can have both locally and globally.
“The many months of hard work are starting to lay the foundations for the Phase 2 plant and we are excited to be working with our partners in the US, and to be welcoming our new South African partners, Standard Bank, on this exciting journey,” says CEO Stefano Marani.
The company’s share price on the JSE increased by 11.47% when the announcement was first made. Its share price closed the day up 8%.
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