Advance Energy to raise $4m

Advance Energy Limited has amended a previously announced non-renounceable rights issue of shares, this time raising more money.

The issue is now on the basis of five (5) new shares for each seven (7) existing shares held at an issue price of 8 cents per share.

Proceeds of the issue will be utilised for debt repayment and working capital. The rights issue will raise $4 million and is fully underwritten by Anndev Pty Ltd.

The Directors have committed to taking up their full entitlements. Anndev and its associated companies have been strong supporters of Advance and are major shareholders. Anndev has also provided Advance with a $2,000,000 loan facility which, if utilised, will be settled upon completion of the rights issue.

Last month the company had announced it would raise $3.5 million through a non-renounceable rights issue of one new share for each two existing share, at 10c each.