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ZBB raises $1.3m

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. During the week, controversial board member Trevor Flugge announced the raising of $1.3 million through a placement of five million shares at 26 cents with 41 Broadway Associates LLC. Mr Flugge has since resigned. 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.

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