Ashurst advised Jefferies and Canaccord Genuity on the £23.1 million placing by IGas Energy plc, a leading AIM-listed E&P company with exposure to shale in the UK. Jefferies International and Canaccord Genuity acted as joint bookrunners in connection with the placing, which was conducted through an accelerated book-building process.

IGas issued 24,330,730 new ordinary shares at a price of 95 pence per share, to new and existing institutional investors, raising gross proceeds of £23.1 million. The shares issued pursuant to the placing represent approximately 15 per cent of the expected enlarged issued ordinary share capital of the Company. The placing was done on a non-pre-emptive basis.

The Company's existing cash balances and the proceeds of the placing are expected to be used towards investment in IGas' significant shale resource and completion of the acquisition of P.R. Singleton Limited from Providence Resources plc for US$66 million (c.£41 million).

Admission of the Placing Shares to trading on AIM, a market operated by the London Stock Exchange plc, took place at 8.00 a.m. on 18 January 2013.

The Ashurst team was led by corporate partner Jonathan Parry and assisted by senior associate Padmini Singla.

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