Wave energy developer Carnegie Wave Energy Limited announced that its Share Purchase Plan has closed oversubscribed and raised $8.5 million.
Carnegie had previously announced on 8 February 2013 that it had initiated a capital raising via a Share Purchase Plan (SPP) of $6 million with capacity to accept oversubscriptions. In accordance with the offer documents and in response to the subscription demand, Carnegie’s Board of Directors has decided to accept over-subscriptions of approximately $2.5 million to enable a wider base of the existing shareholders to participate in the SPP.
Carnegie’s Managing Director, Michael Ottaviano, said:
“We’re delighted by the strong and enthusiastic response of our shareholders. With the SPP closed, the company is now focused on delivery of its flagship Perth Wave Energy Project.”
The funds will be used alongside Carnegie’s Government grants to deliver the Perth Wave Energy Project and for working capital purposes.
A further update on the details of the Perth Wave Energy Project will be released shortly with procurement and construction due to start within weeks.
Settlement of the $8.5 million SPP funds and issue of shares will occur over the next 10 days.
[mappress]
Press release, March 18, 2013; Image: carnegie