Mission NewEnergy raises $9m

Subiaco-based Mission NewEnergy has raised $9 million, which will be used to plant additional Jatropha trees that will be used for biodisel production.

The placement, lead managed by Chardan Capital Markets, saw the issue of 30 million shares at 30 cents each.

Shares in Mission were unchanged at 35 cents at 15:47 AEDT.

Mission said the funds will be used to plant a further 50,000 acres of Jatropha and general corporate purposes.

"The highest return on investment for Mission is the planting of Jatropha acreage and the timing of this placement allows Mission to further expand during the 2010 Jatropha planting season," Mission head of corporate finance M&A James Garton said.