NEW YORK (AP) ¿ China Natural Gas Inc. said Monday it has sold another 858,750 shares of common stock under an overallotment option related to its stock offering earlier this month.

The company said it sold the shares for $8.75 each, bringing the total proceeds from its stock offering to $54.7 million.

It will use the proceeds for the construction of its liquefied natural gas facility, the acquisition of eight fueling stations, the purchase of eight transport trucks and the establishment of a joint venture with China National Petroleum Corporation Kunlun Natural Gas Co.

Roth Capital Partners LLC was the sole book runner for the offering. Simmons & Co. was the co-manager.

Shares of China Natural Gas closed Friday $11.21.
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

If you liked this article you might like

What's Behind the Surge in Energy Stocks

Hillary Clinton Says Prosecuting Individuals is Key to Wall Street Reform