Green Dragon Gas raises funding for 25 new drills

The AIM-listed Chinese coal bed methane gas producer raises $102.7 million from a placement shortly after announcing plans to list in Hong Kong.

Green Dragon Gas, a China-based producer of coal bed methane gas, has raised $102.7 million from a placement of new shares as it continues its aggressive expansion, which has led to a near doubling of its share price in the past three months.

While currently listed on London’s Alternative Investments Market AIM, Green Dragon confirmed last month that it intends to move its primary listing to Hong Kong next year to take advantage of “the greater institutional appreciation of the value of the company's unconventional gas assets and understanding of the China country risk”. Green Dragon also noted the success of other recent moves from AIM to the Hong Kong main board as key...

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