Carbon Energy rights issue falls short
Gasification developer Carbon Energy’s rights issue has raised $8.2 million – a $2.2 million shortfall on the capital raising.
Carbon Energy this week announced it had received applications for 68.7 million shares for a total value of $8.2 million under the 1 for 8 non-renounceable rights issue.
This represents a takeup of 79 percent by shareholders.
The Brisbane-based company said it anticipated placing the shortfall in the next three months, lifting the gross proceeds to $10.4 million.
Funds raised are additional to the $10 million convertible loan facility between Carbon Energy and Pacific Road Capital.
Carbon Energy was incorporated in 2006 as a joint venture between Metex and the CSIRO and Others to develop and commercialise the underground gasification of coal deposits.
The company’s aim is to build a world-class business that produces clean energy and chemicals from UCG Syngas.