Advance Energy (ASX:AVD) as part of its ongoing regeneration and...

Advance Energy (ASX:AVD) as part of its ongoing regeneration and recapitalisation process, has now completed the note holder capital raising of $1.1 million as previously approved by shareholders on 11 June 2014.

The company has also completed the conversions of all current and previous notes to equity as well as converting any other amounts owed previously in accordance with the approvals received in the shareholders meeting.

This process will clean up the balance sheet of all residual and legacy obligations incurred prior to the recapitalisation plan.

It will also provide the company with cash to progress its activities to the next phase and the ability to commence work on current projects and identification of new opportunities.

AVD is currently focused on US- based oil and gas interests, and is capitalised at about $1 million.