Greenearth Energy
Full Greenearth Energy profile here
Greenearth Energy (ASX: GER) is a diversified Australian renewable energy company that has interests in conventional geothermal resources in Australia, Indonesia and the wider Pacific Rim.
The company also has technology opportunities and project applications in the waste heat recovery, energy efficiency, combined heat and power solar, and CO2 to fuel conversion markets.
Greenearth Energy to raise up to A$3.6m to progress clean energy projects
Wednesday, September 14, 2011
Greenearth Energy (ASX: GER) will raise up to $3,603,270 through a non-renounceable 1 for 2 rights issue of 45,040,886 new shares at $0.08 per share to advance its clean energy projects and technologies.
Funds will be used for a number of projects including the Zenith solar technology demonstration site in Melbourne that was recently given approval.
Investment will be made in biomass waste-to-energy gasification technology to obtain a 20% equity interest and participate in a trial stage.
Greenearth is looking to establish logistics capability and inventory stock levels of the Metrolight Smart High Intensity Discharge (HID) Products.
In addition, the company will use funds to continue the work underway in its domestic geothermal permits including planning and initial site preparation activities of the Geelong Geothermal Power Project (GGPP) and an Emerging Renewables application for both the GGPP and our Latrobe Valley Interpretation project.
Proceeds will also be used on other projects and working capital as determined by the company.
Shareholders who subscribe for new shares will also receive 1 non-listed incentive option for every new share they subscribe for no additional consideration, exercisable at $0.05 each at any time during the period from 15 April 2012 to 15 October 2012.
Shareholders will also be able to apply for additional shares and incentive options which may be available from any shortfall to the issue.
Non-shareholder applicants will be invited to apply for any shortfall resulting from the issue.
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