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Global Energy Ventures gains new substantial shareholder with 6.97% stake

The company has developed a fully tested method of transporting compressed natural gas.
asx board
GEV recently raised $4.7 million

Global Energy Ventures Ltd (ASX:GEV) has gained a new substantial shareholder in Sydney-based Regal Funds Management which has accumulated more than 25 million shares representing a 6.97% holding.

Initial substantial shareholder status was reached on February 13, 2019, when Regal acquired 10 million shares valued at $1.5 million.

READ: Global Energy Ventures attracts $4.7 million; moving towards CNG ship investment decision

The issue of shares to Regal was part of GEV’s recent $4.7 million capital raising via the placement of ordinary shares at 15 cents each.

The placement was well supported by existing institutional and sophisticated investors with several new parties becoming shareholders.

CNG Optimum 200 ship (visualisation)

GEV is advancing a fully tested method of transporting compressed natural gas (CNG).

The $4.7 million raised from the placement will be applied towards:

• Finalisation of technical specification, selection of shipyards, contract negotiations and evaluation of ship financing options for four CNG Optimum 200 ships;
• Development of global CNG opportunities and the delivery of Global Energy’s target to achieve a final investment decision for a CNG Optimum 200 ship in 2019; and
• Working capital.

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