Liquefied Natural Gas Limited's (ASX:LNG, OTC ADR:LNGLY) Houston based non-executive director Paul Cavicchi has increased his stake in the company, acquiring LNGLF ADRs in U.S. OTC Markets in an on-market trade.
He paid US$3.23 for each of the 30,000 ADRs, which are equivalent to 30,000 shares in the company, taking his total holding up to 60,000 ADRs.
The company recently raised A$174 million through the placement of 40 million shares at $4.35 each to progress its North American LNG projects.
It has also started front-end engineering and design on its Bear Head LNG project in Nova Scotia, Canada, after receiving the last of the initial approvals.
Earlier in May, it agreed on contract terms and conditions with the Kellogg Brown & Root LLC (NYSE:KBR) and SK E&C Group joint venture for the engineering, procurement, construction and commissioning phase of the Magnolia LNG project in Louisiana.
LNG Ltd also selected Clough (ASX:CLO) to provide owner’s engineer services for the EPC phase of the project.
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