Carnegie floats multi-million share purchase offer

Carnegie Clean Energy plans to launch share subscription offer with the intention to raise up to Au$6 million ($4.5 million) to grow its wave energy and solar/battery microgrid businesses.

Illustration/CETO 6 testing at COAST facility (Photo: University of Plymouth)

The share purchase plan offers eligible shareholders the ability to subscribe for Au$2,400, Au$6,000, Au$10,500 or Au$15,000 worth of fully paid ordinary shares in the company, Carnegie Clean Energy said.

The purchase price for each share under the plan is Au$0.03 per share, the company informed.

From the proceedings of the plan, which opens on May 1, 2018, Carnegie intends to secure working capital for CETO wave energy technology and the Albany Wave Energy Project.

Also, the funding will be used to pursue opportunities to expand this business with the aim of bringing forward commercialization and accelerating the financial sustainability of this division either organically, through further partnering, or M&A, Carnegie said.

Some of the funding will be set aside to support the development and delivery of Carnegie’s build, own and operate solar and battery pipeline, Carnegie noted.

The offer of shares under the plan closes on May 18, 2018.