Perth, Nov 9, 2011 (ABN Newswire) - Emerging green power company Enerji Limited ("Enerji" or the "Company") (
ASX:ERJ) has successfully received commitments for approximately A$1m with a placement of approximately 55m shares at A$0.018 per share. The placement proceeds will be allocated towards funding the balance of the Carnarvon project installation, assisting in payment on ordered Powerboxes and working capital.
Sydney-based KS Capital arranged the placement for professional and sophisticated investors. Attached to the new shares was a 1 for 2 option (ERJOA) at an exercise price of A$0.03 expiring June 2015.
Enerji has signed two memoranda of understanding in the past two weeks with Poseidon Nickel and Energy Developments while continuing the process of commissioning its first Opcon Powerbox at the Carnarvon power station.
"We feel this is the penultimate step before we achieve our goal of realising revenues for the company," said Enerji CEO and managing director Greg Pennefather.
"We have orders in place that will be delivered through the first half of 2012 and anticipate further sales as the industry becomes increasingly aware of the economic and environmental benefits of Opcon's Powerbox."
The Company intends to provide shareholders with an entitlement issue based on similar terms to this placement.
ASX:ERJ) has successfully received commitments for approximately A$1m with a placement of approximately 55m shares at A$0.018 per share. The placement proceeds will be allocated towards funding the balance of the Carnarvon project installation, assisting in payment on ordered Powerboxes and working capital. Sydney-based KS Capital arranged the placement for professional and sophisticated investors. Attached to the new shares was a 1 for 2 option (ERJOA) at an exercise price of A$0.03 expiring June 2015.
Enerji has signed two memoranda of understanding in the past two weeks with Poseidon Nickel and Energy Developments while continuing the process of commissioning its first Opcon Powerbox at the Carnarvon power station.
"We feel this is the penultimate step before we achieve our goal of realising revenues for the company," said Enerji CEO and managing director Greg Pennefather.
"We have orders in place that will be delivered through the first half of 2012 and anticipate further sales as the industry becomes increasingly aware of the economic and environmental benefits of Opcon's Powerbox."
The Company intends to provide shareholders with an entitlement issue based on similar terms to this placement.
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About Enerji Limited
Enerji Limited (ASX:ERJ) is an emerging Perth-based green power utility focussed on commercialising the Opcon Powerbox in Australia.
The Opcon Powerbox cogeneration technology transforms waste heat into electricity and therefore creates significant energy cost and CO2 emissions savings for its customers.
Enerji has exclusive sales and distribution rights for the Opcon Powerbox in Australia and options for Malaysia, Thailand, Singapore and Sub-Saharan Africa.
The Opcon Powerbox, manufactured in Sweden by Opcon, represents a significant commercial opportunity through application to industrial, mining and power generation operations.
Enerji plans to maximise this opportunity and generate shareholder returns through long-term power purchase agreements.
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