ReNu Energy Limited announced it has received firm commitments for a capital raising of $4.5-MM (before costs) through the issue of 75-MM new ReNu Energy shares (new shares) at an issue price of $0.06 per share by way of placement to professional, sophisticated and other investors to whom no disclosure is required under the Corporations Act 2001 (Cth) (capital raising).
Subscribers will receive one attaching option for every share subscribed for with a strike price of $0.07 per share and an expiry date of December 31, 2023 (options). Leading Melbourne boutique investment management firm, Peak Asset Management, acted as Corporate Advisor and Lead Manager to the Capital Raising.
The company sought to raise a minimum of $3.5 MM and received strong demand from professional and sophisticated investors for 1.6 times this amount. In conducting the Capital Raising, the company and its Lead Manager looked to identify investors based on their alignment with ReNu Energy's vision to strategically drive the transition to a low-carbon future by investing in renewable and clean energy technologies and identifying and developing green H2 projects.
ReNu Energy CEO, Greg Watson, said, “This capital raise improves our balance sheet and strengthens our financial position to progress our various green hydrogen projects to the next stage of development and co-invest alongside HESTA who recently signed a term sheet for up to $100 million investment in our green hydrogen projects. The raise also allows us to boost our internal team to increase our ability to deliver on our project plans and build our portfolio of strategic renewable & clean energy investments.”
Countrywide Managing Director & ReNu Energy Executive Director, Geoffrey Drucker, said, “Our Tasmanian projects in Brighton north of Hobart and the recently announced project at Launceston Airport are progressing as planned, and the cash injection from this capital raise allows these projects to reach the next stage of development, and further progress the green energy self-sufficiency ambitions of Tasmania.”