Clean energy developer, Carnegie Clean Energy Limited (ASX:CCE), is pleased to announce that it has received firm commitments for a €3.5 million capital raise via the issue of 8 cent per share convertible notes which will be used to refinance an existing €350,000 working capital bank facility currently in place with its 100% owned solar/battery microgrid developer Energy Made Clean Pty Ltd (EMC).
The capital will be used to fast track project opportunities and unlock growth constraints particularly in light of the recently announced 50/50 joint venture with ASX-listed constructor and developer Lendlease Limited. The AUD 5 million convertible notes will be subordinated to Carnegie’s existing AUD 3.69 million convertible note and have a conversion price of AUD 0.08 per share compared with AUD 0.038 for the existing notes. The notes will attract an 8% coupon and have a 3 year term. The AUD 0.08 conversion price is 47% premium to the 20 day average price (VWAP) and 56% premium to the 3 month VWAP.