ClearVue taps investors for $4m

ClearVue Technologies has announced it will raise $4m, in order to finalise certification and testing of its Gen-2 products.

A West Perth-based company, ClearVue specialises in solar technology, and it is predicted these products will increase its sales heading into the second half of 2024. 

Under the placement, ClearVue said it will issue more than 8 million shares at an offer price of 50 cents per share. 

New subscribers will receive a one for three free attaching unlisted option, at an exercised price of 75 cents per share and have a two-year expiry from the issue date. It is tipped placement shares will be allotted on March 11. 

Additionally, the company will also conduct a share purchase plan, in a bid to raise an additional $2 million, with oversubscription permissible.

This will allow eligible shareholders to subscribe up to $30,000 worth of shares, coupled with one free attaching option per three shares issued. Placement price and terms will also apply to the SPP. 

“We are extremely pleased with the response to the capital raising and sincerely appreciate the support from existing and new shareholders," ClearVue chief executive officer Martin Deil said.

"It brings to our register a mix of new institutional, professional and sophisticated investors including many from the east coast of Australia as well as from overseas, expanding ClearVue’s share register footprint."

In October last year, ClearVue told the market it had secured a $30 million at-the-market funding facility over five years with Sydney-based Alpha Investment Partners, which it said would provide standby equity capital in order to complete future capital raises. 

Five months earlier, the company also secured a $2 million grant courtesy of the state government's Investment Attraction Fund, which it used to enhance its manufacturing portfolio. 

ClearVue last traded at 48.5 cents per share, down 13 per cent, as of 10.16am AWST.