Shares in Liquefied Natural Gas Limited (ASX:LNG) have undergone a steady climb over the past three months, spiking sharply to a peak of $1.36 on Friday.
The as-yet unproductive gas company was trading between 16c and 30c in January.
The Perth company announced to the ASX on Friday a placements of 58,792,746 fully paid ordinary shares to investors in Australia and overseas.
The company intends to build the Magnolia plant with four trains, each capable of producing 2 mtpa of LNG.
So far, plans for a two-train plant are slated to cost $US2.2billion, with first gas in mid-2018.
Construction of the plant with go to South Korean SK Engineering and Construction.
LNGL shares prices are currently down to $1.25.