Mission NewEnergy has boosted its cash reserves with an additional $US11 million ($A14 million) raised through a private placement.
Yesterday, the company secured $US12.3 million ($A16 million) from private investor Ir Lee Swee Eng, who agreed to subscribe for 85 million ordinary shares and warrants.
Today, Mission said the additional $US11 million, which is in addition to the $US3.5 million raised through a private placement announced in April.
In the latest raising, Mission placed 24.14 million units, priced at US14.5 cents each and consisting of one ordinary share and one warrant, to private investors.
Each warrant will allow the holder to subscribe for one ordinary share at A30 cents each.
The warrants have a five-year life, although Mission can terminate any unexercised warrants anytime after April 15 2012 if the 20-day volume weighted average price if over $1.
If all warrants are exercised, Mission could receive a further $30 million.
Yesterday, the company started commissioning its second biodiesel refinery in Malaysia.
Shares in Mission shed 2.5 cents to 20c at 12:37 AEST.
