17/04/2007 - 10:09

Mission increases capital raising value to $65m

17/04/2007 - 10:09

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Perth-based biodiesel producer Mission Biofuels Ltd increased the value of a capital raising to fund its Indian and Malaysia expansion plans to $65 million from $50 million after securing increased investor interest, the company announced today.

Mission increases capital raising value to $65m

Perth-based biodiesel producer Mission Biofuels Ltd increased the value of a capital raising to fund its Indian and Malaysia expansion plans to $65 million from $50 million after securing increased investor interest, the company announced today.

 

The full text of a company announcement is pasted below

On 2 April 2007, Mission Biofuels Ltd announced a Placement to sophisticated and professional investors of 38,461,538 unlisted and unsecured Convertible Notes with a face value of A$1.30 per Convertible Note to raise A$50 million before costs, with an option to increase the capital raise to A$65 million.

Mission is pleased to announce that the offer has been oversubscribed. The Company has closed the capital raise at A$65 million with existing institutional shareholders Tiger Global Management and Tudor Capital (UK) LP increasing their shareholding in the Company. Credit Suisse and QVT Fund LP were the other cornerstone investors.

The funds raised will be used to finance the 250,000 tpa expansion plant and the Jatropha Curcas feedstock business.

Managing Director of Mission, Mr Nathan Mahalingam commented on the final investor profile:

"We are delighted with the quality of the eleven institutions participating in this issue. The increase in the size of the capital raise will allow us to fast track the upstream Jatropha Curcas feedstock business which will bring Mission closer to its objective of being a fully integrated low cost producer of sustainable biodiesel".

Conditions Precedent

The Placement is conditional on Mission obtaining shareholder approval for the issue of the Convertible Notes for the purposes of ASX listing rules 7.1 and 7.3 at an Extraordinary General Meeting of Missions' shareholders intended to be held on or around 18 May 2007.

The placement to Tiger is further conditional on Mission obtaining shareholder approval for the issue of the Convertible Notes for the purposes of item 7 of section 611 of the Corporations Act.

The notice to call an EGM of Mission will be issued shortly together with an Explanatory Memorandum and an Independent Expert's report.

..Existing

Fully Diluted

(after conversion of

Convertible note)

Ordinary Shares91,000,000141,000,000
Options (ex at $1.20 each)5,750,0005,750,000
Performance Shares14,000,00014,000,000
Total110,750,000160,750,000

 

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