Ceramic Fuel Cells Limited £5.0 million (A$7.6 million) Fund Raising

08 May 2013

CFCLFurther to its announcement on 30 April 2013, Ceramic Fuel Cells Limited (AIM / ASX: CFU), a developer of generators that use fuel-cell technology to convert natural gas into electricity and heat for homes and other buildings, has announced that it has conditionally raised £5.0 million (A$7.6 million) (before expenses).

The Company has conditionally raised £4.3 million (A$6.5 million) through the issue of Secured Convertible Loan Notes to a number of institutional investors and a further £0.7 million (A$1.1 million) through the placing of 32,710,300 new ordinary shares of nil par value in the Company. The issue of £0.2 million (A$0.3 million) of the Loan Notes is conditional on shareholder approval.

Commenting on the fund raising, Bob Kennett, Chief Executive Officer said: "We are delighted to have been well supported by a number of blue chip institutional investors.

"Having proved the commercialisation of our technology we are now rapidly moving towards a major increase in the volumes sold by the Company. This fund raise will allow us to meet the working capital requirements of the initial phase of this ramp up and the Board considers that it would be in the best interests of shareholders to raise these funds in this manner to allow the Company to take advantage of these opportunities."

To read the full details of the fund raising, click here.

  

Source: Ceramic Fuel Cells Limited


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