Carnegie Wave Energy Limited (CWE) has completed an oversubscribed AUD 7.5 million capital raise to continue the commercialisation of its CETO technology.
Carnegie announced on 3 November that it had initiated a capital raising of AUD 5 million via a Share Purchase Plan 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 oversubscriptions of AUD 1.5 million to enable a wider base of the existing shareholders to participate in the SPP.
The Board of Directors has also decided to accept a further AUD 1 million of commitments through a private placement.
Settlement of the AUD 7.5 million in funds and issue of shares will occur over the next 10 days, Carnegie said.