Energy technology company, LWP Technologies Limited (ASX: LWP) (“LWP” or “the Company”), is pleased to announce that the Company has successfully closed a $1,600,000.00 capital raising through a Placement to Institutional and High Net Worth individuals, which was overwhelmingly supported and closed oversubscribed.
The placement to sophisticated investors was to fund LWP’s investment in a revolutionary new AlGraphene battery technology (ASX Announcement 14 June 2016).
While LWP had sufficient resources on hand to fund the investment in the Al-Graphene battery technology, the board did not wish to reduce its strong cash position, given the current state of the oil and gas services market. LWP has not accepted oversubscriptions, in line with previously statements that LWP does not require additional funding for its core business.
The Placement, which had strong demand, was been priced at 0.5c per share and will involve the issue of 320,000,000 new shares in one tranche. APP Securities Pty Ltd is acting as lead manager for the Placement. The issue of the new placement shares is scheduled for 24 June2016 and will fall within the Company's placement capacity pursuant to ASX Listing Rules 7.1 and 7.1A.
LWP Price at posting:
0.6¢ Sentiment: Buy Disclosure: Held
