Mission NewEnergy (ASX:MBT) Completes A$9 Million Private Placement
Perth, Feb 24, 2010 AEST (ABN Newswire) - Mission NewEnergy Limited (
ASX:MBT) (PINK:MIBFF) a biodiesel refiner and one of the world's largest Jatropha plantation companies is pleased to announce that it has completed a placement of A$9 million.
The placement of 30mn shares, conducted under the company's 15% placement capacity, was completed at a 14% discount to the last traded price or A$0.30 per share (US$0.265). The placement follows institutional demand following a marketing road show. The placement represents an increase of ~5.6% of the issued ordinary shares of Mission on a fully diluted basis.
Chardan Capital Markets, LLC acted as lead placement agent to Mission in the transaction and Euro Pacific Capital, Inc acted as co-placement agent.
Mission intends to utilize the additional capital to primarily plant a further 50,000 acres of Jatropha and for general corporate purposes.
"The highest return on investment for Mission is the planting of Jatropha acreage and the timing of this placement allows Mission to further expand during the 2010 Jatropha planting season said Mr. James Garton, Head of Corporate Finance, M&A.
Mission NewEnergy Limited is a company:
- listed on the ASX with its operations in Malaysia and India;
- that owns and operates a 100,000 tpa (approx. 30 million gallons p.a.) biodiesel plant at Kuantan in Malaysia producing biodiesel that exceeds international specifications (EN14214 & ASTM 6751-D);
- that is the only non-German biodiesel producer to be certified by AGQM, the German Biodiesel production process certification body;
- that is currently commissioning a 250,000 tpa (approx. 75 million gallons p.a.) biodiesel plant with KNM Process Systems SdnBhd as a turnkey contractor using Axens- 2nd generation, heterogenous catalyst, trans-esterification technology and adjacent to the 100,000 tpa plant;
- that will initially use Crude Palm Oil (CPO) as the feedstock for its biodiesel plants in Malaysia;
- that is rapidly developing its upstream feedstock business in India, which is focusing on a drought-resistant perennial plant (Jatropha Curcas) that grows in marginal/poor soil. Jatropha is easy to establish, grows quickly, produces seeds for over 40 years and importantly is inedible;
- that will ultimately replace CPO with Jatropha Oil as its feedstock for its biodiesel plants.
- that owns and operates two wind energy turbines of 1.65 MW each in India which sell electricity to a Western Indian utility under a 13 year power purchase agreement; and
- that owns two patent-pending, lab and pilot-tested technologies for production of ethanol from a wide variety of agricultural waste material at a cost substantial lower than reported by competing enzyme based cellulosic ethanol technologies.
About Mission NewEnergy Limited
Mission NewEnergy Ltd (ASX:MBT) (OTCMKTS:MNELF) is an Australian Securities Exchange ("ASX") listed company.
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