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The public offering has been priced at USD8.75 per share. Net proceeds, after underwriting discounts and commissions and expenses, are expected to be approximately USD47.34m.
The underwriters have also been provided with an option to purchase up to an additional 858,750 shares to cover over-allotments, if any.
China Natural Gas said that the net proceeds will be used for the construction of its liquefied natural gas (LNG) facility, acquisition of eight CNG fuelling stations, purchase of eight CNG trucks, formation of a joint venture company and for general working capital purposes.
Roth Capital Partners LLC is acting as the sole book runner for the offering and Simmons & Company International is acting as a co-manager for the offering.
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