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Global Energy Ventures director shows faith in CNG strategy with on-market purchase

Executive director, corporate & finance, Martin Carolan has extended his holding to more than 10.756 million shares.

Global Energy Ventures Ltd - Global Energy Ventures director shows faith in CNG strategy with on-market purchase
The company has this week raised $3 million in a placement

Global Energy Ventures Ltd (ASX:GEV) director Martin Carolan has shown his faith in the company’s compressed natural gas (CNG) strategy by purchasing shares on-market.

The executive director, corporate & finance, has this week purchased a further 250,000 shares in an on-market transaction valued at $42,750.

This takes his holding in the company through an indirect interest to more than 10.756 million shares.

Placement well supported

Global Energy Ventures has this week raised $3 million in a placement which was well supported by institutional and sophisticated investors, including several new investors.

There will be 20 million new fully paid ordinary shares issued in the equity placement at 15 cents per share and this will be completed within the company’s ASX placement capacity.

Proceeds will provide the company with ongoing funding for the development of a portfolio of global CNG opportunities and working capital.

Executive chairman Maurice Brand said: “Existing cash and the successful capital raising provides GEV with funding for up to 18 months of planned expenditure.”

Quick facts: Global Energy Ventures Ltd

Price: 0.14 AUD

ASX:GEV
Market: ASX
Market Cap: $53.6 m
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