LONDON (Alliance News) - Ceramic Fuel Cells Limited Friday said it has conditionally raised GBP3.2 million through a share placing and overseas offer.
The developer of fuel-cell technology generators to convert natural gas into electricity and heat for homes and other buildings, said it raised AUD4.2 million, about GBP2.3 million, through a placing of 109.3 million shares in the company at a price of 3.84 Australian cents per share, about 2.14 pence .
The company said it also raised GBP880,000 through the allotment of 41.1 million shares at a price of 2.14 pence per share in an offer to eligible shareholders in Europe.
Ceramic Fuel Cells said the money raised will be used to fund its existing operations, to increase production so that it moves towards its target of becoming cashflow positive, to improve its engineering to drive down manufacturing costs, and to fund research and development programmes.
When the share sale initiative was announced earlier this month, the company said it was seeking to raise AUD12 million in Australia and New Zealand and up to GBP4.14 million in Europe, so the eventual fundraising was much smaller than the maximum planned at the time. However, the price of 3.84 Australian cents was as planned.
Ceramic Fuel Cells shares were up 3.1% to 2.19 pence Friday morning.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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