PERTH (miningweekly.com) – ASX-listed ReNu Energy will raise A$4.5-million in a share placement to advance its green hydrogen opportunities in the Northern Territory and Indonesia.
The junior company has received firm commitments for the placement of 75-million new shares at a price of 6c each from professional and sophisticated investors. Subscribers will also receive one attaching option for every share subscribed for, with a strike price of 7c each and an expiry date of the end of December 2023.
The new shares, and 17% of the options will be issued without shareholder approval, with ReNu to seek shareholder approval for the balance of 62-million options.
“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 A$100-million investment in our green hydrogen projects,” said ReNu CEO Greg Watson.
“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 and clean energy investments.”