Algae.Tec announces $5M capital-raising with Patersons Securities
(firmenpresse) -
Algae.Tec announces $5M capital-raising with Patersons Securities
Perth, Western Australia/Atlanta, Georgia – 18 January 2012 – Algae.Tec Ltd (ASX:AEB, FWB:GZA:GR, ALGXY:US) ('Algae.Tec') is pleased to announce that it has mandated Patersons Securities Limited ('Patersons') to raise A$5,000,000 via the issue of 12.5 million shares ('Placement Shares') at an Issue Price of $0.40 per Placement Share to sophisticated and professional investors. This raising should be completed within three days and the company will seek a trading halt while this is being completed.
In conjunction with the shares, the Company will also issue attaching options on the basis of 1 option for every 2 Placement Shares subscribed. The options will be American options with an Exercise Price of $0.75 and a maturity date at 31 January 2014 ('Placement Options'). The Company will endeavour to have the Placement Options listed on the Australian Securities Exchange ('ASX') should the minimum requirements be met.
This capital raising of A$5,000,000 via a Placement will marginally increase the Company's shareholder base by 4.7% and will be utilised to fund the fast tracking of the commercial projects recently announced.
Algae.Tec Executive Chairman, Roger Stroud, said the Company's primary goal is to produce algal oil for transport fuel.
“Algae.Tec also offers a profitable solution for carbon emitting companies and industries seeking carbon dioxide reduction technologies,” said Stroud.
Algae.Tec is an advanced algae to biofuels company with a high-yield enclosed algae growth and harvesting technology, the McConchie-Stroud system.
Algae.Tec has recently announced:
•A binding MOU for a 50/50 equity joint venture (JV) in China with Chinese company the Shandong Kerui Group Holding Ltd.
•The four-fold expansion of its Atlanta, Georgia based Algae Development & Manufacturing Centre to 70,000 sq ft to scale-up production line capability for existing and upcoming commercial projects.
•A binding biofuels MOU with the European airline Lufthansa.
•A biofuels production and carbon capture deal with the Sri Lanka subsidiary of industrial giant Holcim, the world’s largest cement and building materials company.
“Algae.Tec is the only advanced biofuels company specifically focussed on the global transport fuel industry, using an industrial-scale enclosed, modular and engineered algae growth technology to produce biofuels that replace predominantly imported fossil fuels,” said Stroud.
The Algae.Tec solution is less than one tenth the land footprint of pond growth options, while its enclosed module system is designed to deliver the highest yield of algae per hectare, and solves the problem of food-producing land being turned over for biofuel production.
About Algae.Tec www.algaetec.com.au
Algae.Tec, founded in 2007, is a publicly listed advanced renewable oil from algae company that has developed a high-yield enclosed algae growth and harvesting system, the McConchie-Stroud System. The company has offices in Atlanta, Georgia and Perth, Western Australia.
The Algae.Tec enclosed modular engineered technology is designed to grow algae on an industrial scale and produce biofuels that replace predominantly imported fossil fuels.
The technology has demonstrated exceptional performance in productivity, product yield, carbon dioxide sequestration, and production unit footprint requirements versus agricultural crops and other competitive algae processes in the industry.
Media contact:
DMG PR
Susan Fitzpatrick-Napier or
Amy Richardson
TEAM(at)DMGPR.COM
Australia +61 2 8006 0424
USA +1 650 798 5238
Leseranfragen:
ALGAE.TEC LTD
Suite 9, 3 Centro Ave
Subiaco, Perth
WA 6008
Telephone: +61 (08) 9380 6790
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Datum: 19.01.2012 - 14:16 Uhr
Sprache: Deutsch
News-ID 105786
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