Join our daily newsletter At The Bell to receive exclusive market insights
- Bioenergy and renewable energy company Delorean (DEL) raises $4.5 million via a private share placement
- The placement was made to domestic sophisticated investor clients of RM Capital and Morgans, with 26.47 million new shares issued at 17 cents each
- Delorean says it also intends undertaking a share purchase plan (SPP) to raise up to a further $2 million
- The company says the placement and SPP funds will be used to underpin further growth and support its infrastructure project development pipeline
- DEL shares down 10 per cent to 18 cents
Bioenergy and renewable energy company Delorean (DEL) has raised $4.5 million via a private share placement.
The placement was made to domestic sophisticated investor clients of RM Capital and Morgans, with 26.47 million new shares issued at 17 cents each.
Delorean said it also intends undertaking a share purchase plan (SPP) with the aim of raising up to a further $2 million.
Eligible shareholders will be able to apply for up to $30,000 worth of new Delorean shares, which will be offered at the same price as the placement price of 17 cents each.
The SPP will open on Thursday April 7 and is scheduled to close on Friday April 22. The shares under the SPP will be issued on April 28.
Delorean said the placement and SPP funds will go towards underpinning further growth and supporting its infrastructure project development pipeline.
The company said signing of an engineering, procurement and construction (EPC) contract for delivery of Yarra Valley Water’s $40 million-$50 million bioenergy facility was pending.
DEL shares were down 10 per cent to 18 cents at 2:10 pm AEST.
