Australia: CWE Raises Further AUD 1 Million in Funds

Wave energy developer Carnegie Wave Energy Limited ( CWE) announced today that it has completed a fund raise totalling $9.5m consisting of the $8.5m Share Purchase Plan (SPP) announced yesterday plus a further $1m in funds in a private placement.

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.

The private placement was undertaken with a select group of sophisticated investors, the majority of whom are existing Carnegie shareholders, on the same terms as the recently completed and oversubscribed Share Purchase Plan of $8.5 million.

The capital raising comprises a placement of 31.3 million fully paid ordinary shares at an issue price of $0.032 per share. The shares will be issued in accordance with the Company’s placement capacity under Listing Rule 7.1A. Settlement of the $1 million placement funds and issue of shares will occur over the next 10 days.

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Press release, March 19, 2013; Image: CWE