ReNu Energy to Raise up to USD3 Million in Share Purchase Plan

Published: Nov 21 2017
Deal Summary

ReNu Energy Limited, a power generation company, has agreed to issue up to 228,029,717 new fully paid ordinary shares at a price of AUD0.018 (USD0.014) per share, for gross proceeds of up to AUD4.1 million (USD3.1 million), in a share purchase plan (SPP).

The offering is optional and is only open to eligible shareholders who are registered as holders of shares in the company on the record date of November 20, 2017 and whose registered address is in Australia or New Zealand. The offer price represents a discount of 7.7% to the volume weighted average market price (VWAP) of a share traded on Australian Securities Exchange (ASX) over the five trading days prior to the announcement date of the SPP and a 10% discount to November 20, 2017, closing price on ASX.

The company intends to use the proceeds to progress the Boggabilla solar farm heads of agreement, to support the conversion of near term projects and for working capital purposes.

On December 11, 2017, the company has extended the closing date of the offering from December 13, 2017, to December 18, 2018.

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