- 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.