ZBB gets underwriter, raises $1.3m as Flugge resigns
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Thursday, 27 July, 2006 - 13:04
Bibra Lake-based energy storage facilities manufacturer ZBB Energy Corporation has secured US-based Empire Financial Group as an underwriter for its proposed initial public offer in the US, in which it aims to raise up to $19.7 million.
The price of the offering shall be determined prior to its close.
In a busy day for the company, it has seen the resignation of controversial board member Trevor Flugge, and has announced the raising of $1.3 million through a placement of 5 million shares at 26c with 41 Broadway Associates LLC.
Last month ZBB secured a $3 million loan facility by the issuance of senior secured notes to investment funds managed by CTI Capital Management of Florida and Bushido Capital Partners of New York.