Perth-based energy specialist Enerji is set to establish an office in the United States after a number of the country's green investment funds indicated they will invest more than $11 million into the company.
The announcement is below:
Enerji Ltd ("Enerji" or the "Company") (ASX:ERJ) is pleased to provide shareholders an update on important business developments and future funding opportunity.
The Company's CEO, Ross Smith, has recently returned from the USA where he presented to a number of Green Investment Funds on the East and West coasts of that country.
Enerji's unique business plan was very well received and the company has now received future funding expressions of interest (subject to due diligence and statutory compliance) of more than US$10M at not less than A20 cents per share.
To that end, Enerji's CEO has now arranged to meet several US fund managers in Stockholm this week where they will be viewing operating Opcon Powerbox systems and meeting key Opcon executives, technicians and board members.
The Board now wishes to advice shareholders that it plans the next capital raising being a minimum of AU$5M (with the potential of AU$5M additional) at A$0.20 with an attached 1 for 2 listed (subject to ASX approval) option at a strike price of $0.20. These shares will only be available to these overseas based Green Investment Funds who are currently performing their due diligence.
Enerji's existing shareholders at the end of November 2009 (subject to confirmation of a US fund raising and ASX books closing dates) will also be rewarded with a 1 for 10 free listed option on exactly the same terms.
To facilitate continued interest and much greater investor participation in Enerji's US business ambitions, the Company also intends to make application to create NASDAQ listed, level 2, American Depository Receipts ("ADR").
Enerji has engaged a leading Wall St Investor Relations company to ensure any future US investors will be as fully informed as our Australian shareholders and our Company is fully compliant with US legal and reporting obligations.
Enerji has also committed to the establishment of a full time US office with the likely relocation of our CEO, Ross Smith, to San Francisco in the first half of next year and the Australian operations will continue to be developed under the stewardship of our Managing Director, Greg Pennefather.
