Australian wave energy developer, Carnegie Wave, has started capital raising via a share purchase plan (SPP) to raise up to Au$5 million for its Garden Island CETO 6 and renewable microgrid projects.
The SPP will allow all eligible Carnegie shareholders to purchase between Au$3,000 and Au$15,000 worth of shares in Carnegie at 4.2 cents per share.
Carnegie states that the capital raised in the SPP will be used as working capital alongside its existing cash balance, grants and loan facilities.
The working capital will support Carnegie in the development of its CETO 6 Project on Garden Island as well as its recently announced Garden Island Microgrid Project (GIMG) and international project developments.
Michael Ottaviano, Carnegie’s Managing Director, said: “In addition to our UK and European CETO project development work, we’ve recently announced relationships with the Governments of Mauritius and Seychelles for CETO and microgrid collaboration. We would expect to convert these sorts of opportunities into project work over the next 12 months. Being well capitalised is crucial to securing these opportunities.”
The offer opens on November 3, 2015 and will close on November 20, 2015.
Image: Carnegie Wave Energy