RNS Number:6962T
Ceramic Fuel Cells Limited
02 May 2008
2 May 2008
Ceramic Fuel Cells Limited to Raise #7.0 Million (A$14.7 Million)
Ceramic Fuel Cells Limited (AIM / ASX: CFU) (the "Company"), a leading global
fuel cell developer, today announces that it proposes to raise gross proceeds of
approximately #7.0 million (A$14.7 million) by way of a placing of new ordinary
shares to institutional investors in the UK and Europe.
Placing Highlights
* 35 million new ordinary shares are proposed to be issued in connection
with the placing, representing 10% of the enlarged issued share capital.
* The new ordinary shares will be issued at a price of 20 pence per
share, representing a discount of 14% to the closing price on AIM on 30 April,
the last business day prior to the Company's announcement responding to press
comments on 1 May 2008.
* The proceeds from the placing will provide CFCL with further working
capital to facilitate the Company's continued commercialisation activities
including the integration of its fuel cell products with conventional
condensing boilers.
* Application will be made to the London Stock Exchange for the new
shares to be admitted to trading on AIM. It is expected that admission will
become effective and that dealing will commence on 9 May 2008. At that time
the Company will also apply for the new shares to be quoted on the ASX.
* When issued, the new fully paid ordinary shares will have the rights
specified in the Company's constitution and will rank equally with the
Company's existing ordinary shares.
* The Company proposes to issue the new shares without prior shareholder
approval, as permitted under ASX Listing Rule 7.1.
Brendan Dow, Managing Director of Ceramic Fuel Cells, said:
"CFCL has made significant progress with the business to date and we remain on
track to achieve commercialisation of our fuel cell products from 2009. The
successful fundraising announced today demonstrates the continued support for
our strategy by existing investors and we are also delighted to welcome a number
of new institutions. The funds raised will provide additional working capital as
we move towards market introduction of our products in Europe."
For further information please contact:
Ceramic Fuel Cells
Andrew Neilson Tel: +61 419 950 771
Email: investor@cfcl.com.au
Nomura Code Securities Tel: +44 (0) 20 7776 1200
Juliet Thompson / Chris Golden
Hogarth Partnership (PR for CFCL) Tel: +44 (0) 20 7357 9477
Sarah MacLeod / Sarah Richardson / Vicky Watkins
About CFCL
Ceramic Fuel Cells Limited is a world leader in developing solid oxide fuel cell
(SOFC) technology to provide reliable, highly efficient and low-emission
electricity from widely available natural gas and renewable fuels. CFCL is
developing SOFC products for micro combined heat and power (m-CHP) and
distributed generation units that generate electricity and heat for homes.
CFCL is developing m-CHP products with leading appliance partners and utility
customers in Germany, France, the United Kingdom, Holland, and Japan. CFCL is
listed on the London Stock Exchange AIM market and the Australian Securities
Exchange (code CFU). www.cfcl.com.au
This information is provided by RNS
The company news service from the London Stock Exchange
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