Ceramic Fuel Cells announces rights issue result

Australian power company Ceramic Fuel Cells has announced the result of its rights issue made to qualifying participants within Australia and New Zealand, and its overseas offer made to qualifying participants outside of Australia and New Zealand, and certain other territories.

Approximately 44 per cent of the rights issue shares were subscribed for by shareholders. 

The company will issue 51,114,000 fully paid ordinary shares at the issue price of AUD0.18 (£0.11) to raise an additional AUD9.3m.

Approximately 98 per cent of the overseas offer shares were subscribed for by shareholders. 

The company will issue 19,223,000 fully paid ordinary shares at the issue price of £0.11 to raise an additional £2m.

The total amount raised under the rights issue and overseas offer is AUD12.7m and the total amount raised before costs under the three fundraising tranches is AUD30.1m.