Backers of LNG project hope to raise up to $250M

Backers of LNG project hope to raise up to $250M

Calgary-based Veresen Inc. plans to issue up to $250 million in shares to finance the Jordan Cove Energy Project in Coos Bay.

Backers are gearing up for their big permitting push on the project with a phallanx of federal and state agencies, however. They hope to receive a draft environmental impact statement from the Federal Energy Regulatory Commission in the next two months, and finalize their main license with the agency by the end of the year. That will still leave a host of state permits, including clear air, clean water and coastal zone management certifications from the state.

Veresen said in a statement that it planned to issue 15 million new shares at $16.50 Canadian dollars each. That's the equivalent of about $220 million U.S. dollars. An overallotment to the underwriters could bring proceeds to the equivalent of about $250 million.

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