Locality Planning Energy (ASX:LPE) eyes $6m for solar product roll-out

• Locality Planning Energy (LPE) receives firm commitments to raise $6 million via a placement
• A total of 30 million fully paid ordinary shares will now be issued to new and existing sophisticated and institutional shareholders at 20 cents
• Shareholders will also receive one free attaching option for every two shares subscribed for, exercisable at 30 cents with expiry two years from issue
• Once received, LPE will use the money to support customer growth and roll out its shared solar product
• Shares in LPE are down 12 per cent and are trading at 22 cents at 2:27 pm AEST

Locality Planning Energy (LPE) has received firm commitments to raise $6 million via a placement.

The company entered a trading halt on August 16 but did not disclose how much it intended to raise or what it would use the funds for.

A total of 30 million fully paid ordinary shares will now be issued to new and existing sophisticated and institutional shareholders at 20 cents.

Shareholders will also receive one free attaching option for every two shares subscribed for, exercisable at 30 cents with expiry two years from issue.

The shares are expected to be issued in two phases with phase one issuing 15.72 million shares to raise $3.144 million.

Phase two, which is subject to shareholder approval, will see Chairman Justin Pettett subscribe for $200,000 worth of shares.

Other existing majority shareholders will subscribe for a further 14.28 million shares to raise a further $2.865 million.

Once received, LPE will use the money to support customer growth and roll out its shared solar product.

Shares in LPE were down 12 per cent and were trading at 22 cents at 2:27 pm AEST.