Sunbird Energy Raises Funds for South Africa Gas Project

Australia listed and Southern Africa focused gas explorer and developer Sunbird Energy on Tuesday said it has raised $5 million via first stage investment by Pan-African investment company Vandasia Investments.

The funds would be used in development of Ibhubesi Gas Project in South Africa.

“The $5,000,000 Stage 1 investment by the Pan-African investment company Vandasia Investments Limited (Vandasia) for subscription of 20,367,127 fully paid shares, equates to A$0.277 per share which is a premium of 45.6% to the Company’s closing share price on 8 September prior to announcement of the Transaction,” Sunbird said. 

On completion of second stage of the transaction, Sunbird will have received over A$25 million in capital and will secure a major strategic partner in Vandasia to help advance development of the Ibhubesi Gas Project in South Africa.

Stage 2 of the investment, which is subject to shareholder approval and execution of a Gas Sales Term Sheet with a potential customer, is due for completion by 30 November 2014, the company said.