AnaeCo has announced progress on a $5 million capital raising plan to help fund its $35 million waste treatment facility for the Western Metropolitan Regional Council in Shenton Park, and to provide general working capital.
The Perth-based firm announced today it would launch a share purchase plan to raise approximately $2.5 million.
The share purchase plan will entitle eligible shareholders to purchase $15,000 worth of AnaeCo shares at the lower of 5 cents per share or a 15 per cent discount to the average market price for shares over the last five days of trading.
AnaeCo reported it had already completed a 5 cents per share placement to shareholders on October 18, raising $2.5 million.
The placement price represented a discount of 16.7 per cent to AnaeCo's last closing share price of 6 cents.
AnaeCo's waste treatment technology, the DiCOM system, is used to process organic waste into biogas for the generation of renewable energy and nutrient rich compost.
It is currently constructing a $35 million waste treatment facility at Shenton Park for the WMRC, with engineering partner Monadelphous.
At 8:53AM (WST) AnaeCo's stock was steady at 5.9 cents.
