The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Delorean Corporation (DEL) raises $1.63 million from its share purchase plan (SPP) to underpin future growth
  • A total of 9.57 million new shares will be issued at the same price as the placement of 17 cents
  • The SPP was originally designed to raise $2 million, but the company said it has no intention to place any further shares
  • Shares are trading flat today 16.5 cents each

Renewable energy and waste management company, Delorean Corporation (DEL) has raised $1.63 million from its share purchase plan (SPP) to underpin future growth.

A total of 9.57 million new shares will be issued at the same price as a recent placement of 17 cents.

The SPP was originally designed to raise $2 million, but the company said it has no intention to place any further shares.

The funds will be directed towards a number of activities, including cash back performance bonds for engineer procure and construct contracts.

It will also be used to develop a forward contracting strategy in relation to Large Scale Generation certificates.

Finally, the money will assist with working capital and continued development of the company’s bioenergy infrastructure project pipeline.

Shares were trading flat today 16.5 cents each at 3:16 pm AEST.

DEL by the numbers
More From The Market Online
Outgoing Peninsula Energy MD and CEO Wayne Heili.

Peninsula tracks down after crowning new CEO, managing director in staged succession plan

Peninsula Energy Ltd has seen its share price drop after announcing the appointment of a new…
The Market Online Video

ASX Market Close: Index closes flat as IT & Real Estate offset Materials losses | January 6, 2025

The iron ore price has continued drifting lower as anxiety persists over the lack of fresh…
The Market Online Video

ASX Market Update: Index pares early gains in afternoon trade | January 6, 2025

The ASX200 has been down by the smallest of margins at 8,248 points in afternoon trade.…
Steelmaking furnace concept

China smelting tech a threat to Oz; US alcohol cancer warnings & more from the break

Will China's somewhat mysterious 'vortex lance' steelmaking technology prove to be an existential threat to Oz?