Green Dragon Gas: GIC Signs Up for Second Slice of Bond

Singapore’s sovereign wealth fund has fully subscribed for the second tranche of AIM-listed Green Dragon Gas’s (LON:GDG) convertible bond facility.

Earlier this week, GIC converted the first tranche into 5.78mln shares early at a price of US$6.06 each.
Randeep Grewal, founder and chairman of Green Dragon, said: “GIC's decision to make a further investment in Green Dragon, at a premium to market, is a further endorsement for the company, its strategy and value and from an investor that knows China and the region extremely well. 

“With title matters firmly behind us and with CNOOC, CUCBM, CNPC and Petrochina as well funded partners alongside us, we look forward to working with our partners to progress operations and fully realise the significant value of our assets, as demonstrated by the reserve report issued last month.”

Grewal added that talks on debt facilities to expand the drilling programme continue.

Jason Triplitt, Head of European Equities, GIC Asset Management, added: “This further investment made in Green Dragon continues our support to the company and its continued progression.”

（proactiveinvestors.co.uk Edited by Topco）