Greatcell Solar Limited is pleased to advise that it has raised $5.3 million from shareholders.
The funds will provide vital working capital as it enters an important phase of its technology development focused on its Major Area Demonstration (MAD) prototyping project. The technology scale-up project has already attracted a conditional $6 million offer from the Australian Renewable Energy Agency (ARENA) and the raising is targeted at meeting the requirement of raising $5 million in new capital to support the $17.4 million project.
The Company would like to thank its shareholders who contributed $2.7 million in a Share Purchase Plan (SPP). The balance of the funds have been contributed by Tasnee, its strategic shareholder, through a US$2 million convertible note. In effect, the $5.3 million raised will help unlock up to $10 million of additional, non-dilutive financial assistance to advance the company's technology development programme.
Managing Director, Richard Caldwell remarked: "The next 12 months are a very exciting time for the Company as we take our world leading 3rd generation solar technology through scale-up towards commercialisation. We are working with the best we know in all critical areas, notably science, technology and engineering, and we continue to have every confidence of meeting and exceeding the expectations of our shareholders."
The expected quotation date for all new shares is Tuesday, 5 September 2017, in accordance with the revised timetable lodged with ASX on 17 August 2017.
Source: Greatcell Solar
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