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Algae Tec Ltd Announces Corporate Placement And Share Purchase Plan


Tuesday, 7 May 2013 08:00pm EDT 

Algae Tec Ltd announced that it has received commitments for the placement of new fully paid ordinary shares to corporate investors for the sum of AUD 1 million (Placement). The Company will issue 4,545,455 fully paid ordinary shares at AUD 0.22 per fully paid ordinary share. The Company also announced a Shareholder Purchase Plan for all eligible shareholders on Algae.Tec's register with addresses in Australia and New Zealand to apply for a maximum of AUD 15,000 in value of ordinary shares in Algae.Tec (subject to any scale-back determined by Algae.Tec's directors) at AUD 0.22 per fully paid ordinary share. No brokerage or transaction costs will be incurred by shareholders under the Shareholder Purchase Plan (SPP). The purpose of the Placement and SPP is to provide funds for: increase personnel resources for commercialization of its technology; complete validation at the Company's demonstration plant in Nowra NSW; repay and terminate the convertible note arrangement with La Jolla Cove Investors; and for general working capital requirements. 

Company Quote

0.08
-0.0030 -3.61%
22 Aug 2014