Jade Gas Holdings (ASX:JGH) has completed the settlement of an $11 million placement, lifting its cash balance above $20 million to support development work in Mongolia and a proposed Hong Kong listing.
The placement raised $11 million before costs through the issue of 91.7 million new shares priced at $0.12 each. Jade issued the shares using its available capacity under ASX Listing Rule 7.1.
Proceeds will fund tenure preservation, pre-development work, and the assessment of further opportunities across the basin hosting the Tavantolgoi XXXIII Coal Bed Methane (TTCBM) Project.
The funds will also cover placement costs, working capital, the proposed Hong Kong Stock Exchange listing, and the expansion of Jade’s management, technical, and operational teams.
Executive Director Joe Burke says the placement strengthens Jade’s ability to progress the TTCBM Project.
“Our immediate priorities are the execution of the definitive agreements targeted for completion by the end of the third quarter, the expansion of our management team to support the company’s next phase of growth, and the progression of our strategic initiatives, including a proposed Hong Kong Stock Exchange listing,” Burke says.
Jade has also doubled the number of unlisted options to be issued to placement participants. Investors will receive one option for every placement share subscribed, compared with the previously proposed one-for-two ratio.
The company will issue 91.7 million options exercisable at $0.15 each and expiring three years from the issue date.
Terms for 20 million broker options to be issued to the joint lead managers have also been amended. These options will carry the same $0.15 exercise price and three-year expiry.
Jade operates the TTCBM Project through subsidiary Methane Gas Resource, a joint venture with the Mongolian Government. Mongolia formally approved its first natural gas reserves at the project in June 2026.
The company notes it is assessing commercial pathways to supply gas to Mongolia’s power and heavy-vehicle transport sectors.
Write to France Pinzon at Mining.com.au
Images: Jade Gas Holdings
