Wave energy developer Carnegie Wave Energy Limited announced that its Share Purchase Plan has closed oversubscribed and raised $6 million.
Carnegie had previously announced on 1 December 2011 that it had initiated a capital raising via a Share Purchase Plan (“SPP”) of $4 million with capacity for a further $2 million in oversubscriptions. In accordance with the offer documents Carnegie’s Board of Directors has decided to accept oversubscriptions of $2 million in response to the subscription demand.
Carnegie’s Managing Director, Dr Michael Ottaviano, said:
“We’re delighted by the strong and enthusiastic response of our shareholders, which has once again exceeded our expectations during difficult market conditions. With the fund raising closed, the company is now focused on putting into action its plans for 2012.”
The funds will be used to fund working capital during the commercial demonstration project phase.
Settlement of SPP funds and issue of shares will occur during the week commencing 2 January 2012.
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Offshore WIND staff, December 30, 2011; Image: carnegiewave