02/11/2007 - 14:04

Carnegie Corp completes $14.8m capital raising

02/11/2007 - 14:04

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West Perth-based clean energy developer Carnegie Corporation Ltd has completed its $14.8 million capital raising, through a private placement and share purchase plan, the company has announced.

Carnegie Corp completes $14.8m capital raising

West Perth-based clean energy developer Carnegie Corporation Ltd has completed its $14.8 million capital raising, through a private placement and share purchase plan, the company has announced.

 

 

The full text of a company announcement is pasted below

Carnegie Corporation Limited (ASX: CNM) is pleased to announce the successful completion of a major funding package that has raised $14.8 million which will allow it to complete the development of its unique CETO wave power technology and continue development of its Cleaner Coal Power technology.

Following strong support from the investment community over recent months, the Company announced in September that it hoped to raise $10 million through the combination of a private placement and a share purchase plan.

The Company's Managing Director Dr Michael Ottaviano said: "We received an exceptionally strong level of interest from the investment community and have had to scale back demand in the placement."

"This is a clear endorsement of the quality of the CETO wave and Cleaner Coal Power projects and of Carnegie's growth potential. "

"We are also pleased that so many existing shareholders took up the opportunity to participate in the capital raising via the Share Purchase Plan which was designed to allow our longer term supporters the opportunity to participate in the continued growth of the Company."

The successful capital raising follows last week's announcement by the Federal Government to pledge an additional $5 million to assist in the completion of the CETO development. The CETO wave technology, which generates zero-emission power and freshwater, is estimated to require an additional $6-8 million over the coming 12 - 18 months to take it to the commercial-ready stage.

Carnegie mandated Perth based stock broking firm Stripe Capital Pty Ltd ("Stripe") (corporate authorised representative of Australian Stockbroking and Advisory Services Ltd, AFSL 294097) to assist the Company with the Private Placement. In addition, Stripe partially underwrote the Share Purchase Plan to the extent of $3 million.

The share issue will result in the issue of 100,000,000 shares at 10 cents each as a result of the private placement and a further 47,760,000 shares at 10 cents via the share purchase plan.

Carnegie Corporation background:

Carnegie Corporation (CNM) is a clean energy technology developer currently involved in developing two clean energy technologies: the CETO Wave Energy technology & its 100% owned clean coal technology, Cleaner Coal Power. Carnegie is focused on developing and investing in clean energy technologies that will lead to revenue
generating projects globally.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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