12/05/2008 - 14:57

Carnegie to raise $2.5m for development

12/05/2008 - 14:57

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Wave Energy and Clean Tech developer, Carnegie Corporation Ltd will raise up to $2.5 million through a Private Placement.

Wave Energy and Clean Tech developer, Carnegie Corporation Ltd will raise up to $2.5 million through a Private Placement.

Funds will allow the continuation of its commercial site selection and assessment process for its CETO Wave Energy Technology and the ongoing development of its emerging clean tech portfolio.

Carnegie Managing Director Dr Michael Ottaviano said, "We are undertaking this Placement to allow us to continue in-depth assessment of a number of sites identified nationally and internationally as being potentially suitable for commercial wave farm deployment and operation."

Carnegie mandated Perth based stock broking firm Stripe Capital Pty Ltd to assist the Company with the Private Placement.

The Placement to institutional and sophisticated investors will result in the issue of up to 10 million shares at 25 cents each.

This Placement follows on from the Company's successful Private Placement and Share Purchase Plan last year which raised $14.8 million and was primarily undertaken to fund the balance of the CETO technology development program. The CETO development is both fully funded and on track for completion in 2009 as
previously announced.

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