Liquefied Natural Gas Limited wishes to advise shareholders of the following:

- LNG-9 PTE LTD (LNG9) has notified LNGL that it considers that events including the failure of First Wall Street Capital Corp. to provide funding under the legally binding Secured Convertible Note Subscription Deed (as announced by LNGL on 27 March 2020) are reasonably likely to have a material adverse effect on LNGL and that certain conditions under its proposed takeover bid have been triggered or are incapable of being satisfied.

- In light of the above circumstances, LNG9 has notified LNGL that it does not intend to despatch its Bidder’s Statement to LNGL shareholders and is therefore withdrawing its takeover bid in reliance on section 670F of the Corporations Act 2001 (Cth).

- LNGL understands from LNG9 that LNG9 remains interested in acquiring all or a material part of LNGL or its assets, and LNGL will continue to work with LNG9 to find a mutually acceptable transaction structure. However, LNG9’s exclusivity period has lapsed with the retraction of their bid (and LNGL has now terminated the Bid Implementation Agreement dated 27 February 2020).

- In addition to ongoing discussions with LNG9, the Company is now working with other parties on strategic alternatives that supplement existing cash on hand to improve LNGL’s working capital position and sustain its operations.

- LNG Management Services LLC, a wholly owned U.S. subsidiary, has received a Paycheck Protection Program (PPP) loan from the United States Small Business Administration (SBA) in the amount of US$388,552.

- LNGL’s existing cash reserves are sufficient to meet all of the Company’s commitments until May 2020, and LNGL must secure additional meaningful funding urgently to continue operating beyond then.

About Liquefied Natural Gas Limited

Liquefied Natural Gas Limited (ASX: LNG; OTC ADR: LNGLY) (LNGL) is an ASX listed company (Code: LNG and OTC ADR: LNGLY) whose portfolio consists of 100% ownership of the following companies:
- Magnolia LNG LLC (Magnolia LNG), a US-based subsidiary, which is developing an eight mtpa or greater LNG export terminal, in the Port of Lake Charles, Louisiana, USA;
- Bear Head LNG Corporation Inc. (Bear Head LNG), a Canadian-based subsidiary, which is developing an 8 – 12 mtpa LNG export terminal in Richmond County, Nova Scotia, Canada with potential for further expansion;
- Bear Paw Pipeline Corporation Inc. (Bear Paw), which is proposing to construct and operate a 62.5 km gas pipeline lateral to connect gas supply to Bear Head LNG; and
- LNG Technology Pty Ltd, a subsidiary which owns and develops the Company’s OSMR® LNG liquefaction process, a midscale LNG business model that plans to deliver lower capital and operating costs, faster construction, and improved efficiency, relative to larger traditional LNG projects.

About LNG-9

Our company is based out of Singapore, but we proudly have offices around the world in order to keep this a tight ship. We are part of a value chain which originates with supplies from CROWN LNG and cargoes traded by KATOIL. Our selected shipping partners will safely carry LNG to our regasification facilities in Asia & Europe. With our long term partners, we also offer ground transportation of LNG and offshore storage units. Our management and engineering experts deliver these end-to-end solutions with our clients in mind.