Neon Energy has received binding commitments from institutional and sophisticated investors for a private placement of new ordinary shares at an issue price of $0.30 per share; thereby raising approx. $30 million.

The placement is priced at an 11.8% discount to the company's last closing price of $0.34 per share. The proceeds will be used to fund oil and gas production, appraisal, exploration and strategic initiatives in Calif. and Southeast Asia.

The capital raising initially targeted a placement of $20 million under the company's 15% capacity pursuant to ASX Listing ...