Chemeq funds

PHARMACEUTICAL company Chemeq has raised an additional $10.6 million from all January 31 2003 options being exercised in full.

The funds are on top of the $18 million raised from placements to institutions and ‘sophisticated investors’ and from existing shareholders via a share purchase plan, bringing the company’s total capital raised during the past 12 months to $28.6 million.

The funds will be used in the construction of Chemeq’s $25 million manufacturing facility. Chemeq is the first Australian company to set up a substantial pharmaceutical manufacturing facility in WA.

The facility, to be completed in the first half of 2003, will manufacture the company’s revolutionary veterinary drug Chemeq, a polymeric antimicrobial that can be utilised as an alternative to antibiotics.

Alliance boost

VICTORIAN investor Abbotsleigh Pty Ltd has made a $520,000 investment in Alliance Energy. Abbotsleigh emerged with a 20 per cent interest in Alliance after taking a placement of 13 million shares. The funds will be used to study the potential of the Maldon Goldfields in Victoria, together with joint venture partner Roxbury Mining Contractors Pty Ltd.

The Maldon Goldfields produced around 1.75 million ounces of gold between 1856 and 1926 at a recovered grade of 28 grams per tonne. Alliance first acquired the field in 1994.

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