Geodynamics raises US$16m in share purchase plan
Aerial view of Habanero-1 in the Cooper Basin, Geodynamics site (source: pesa.com.au)
Alexander Richter
20 Ara 2010
Australian Geodynamics successfully raises US$16m from a share purchase plan following the issue of 40.6 million shares. Funds are to be used to advance the Cooper Basin project.
In a release Australian Geodynamics Limited “announced it has successfully raised AU$16.2 million (US$16m) from its Share Purchase Plan (SPP) following the issue of 40.6 million shares at a price of $0.40 per share. The funds will primarily be used to advance the work program for the Company’s Cooper Basin Geothermal Project leading to the final investment decision for the 25 MWe commercial demonstration plant. This includes development activities such as the commissioning of the 1MWe pilot plant to deliver the first power using EGS technology in Australia.
Shareholders who participated in the SPP have been granted one option exercisable at $0.55 per share, expiring on 31 March 2012, for every share successfully subscribed under the SPP, on the condition that their Shareholding as at 7.00 pm AEST on the Option Record Date (17 December 2010) was not less than their Shareholding as at 7.00 pm AEST on the SPP Record Date (15 November 2010). A total of 39.7 million options will be granted to shareholders who have satisfied this
condition.
The SPP shares and options will be allotted tomorrow, with quotation expected on 24 December 2010.
Following completion of the SPP, the Company’s share capital will have expanded from 293.0 million shares to 333.6 million shares.“
All currency numbers are in Australian dollars unless otherwise quoted.
Source: Company release via e-mail (official relase in pdf format)
