Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Clean Global Energy closes rights issue

Clean Global Energy (ASX: CGV) has raised $240,558.36 from existing shareholders through a 1 for 1 non-renounceable pro-rata rights issue.

The rights issue, which is fully underwritten by Patersons Securities, closed at 5pm on November 16, 2011.

A total of 120.3 million options were taken up under the rights issue, at a price of $0.002 per share.

Funds raised through the issue will be used to advance Clean Global’s coal and underground coal gasification projects.

Clean Global is at the forefront of commercialising UCG technology to produce Syngas for use in heating, power generation and the production of chemicals, fertilizers, ultra clean diesel, and aviation fuels.

The company is focused on developing key Queensland coal tenements, most likely for traditional underground coal mining.

Clean Global said UCG on these sites is also a possibility for later development, once the Queensland government hands down a decision on whether or not to allow commercialisation of UCG activities, which is expected in the March quarter of 2012.

Patersons Securities will place the shortfall from the rights issue of about 106.2 million options.

Despatch of the holding statements for the options issued under the rights issue is expected to occur around November 24, 2011.