Melbourne, May 12, 2009 AEST (ABN Newswire) - Environmental Clean Technologies Limited (ASX:ESI) announces that the amount raised under its Share Purchase Plan has increased to approximately A$2.3 million, comprising approximately A$1.3 million from eligible shareholders and approximately A$1 million from the Underwriters of the offer. The Company expects to raise further funds from applications for the shortfall shares and options.
The offer closed at 5:00pm on Thursday 30 April 2009.
Eligible shareholder applications totalled 65,650,000 shares (A$131,300,000) (Shareholder Applications), The 65,650,000 shares and 131,300,000 options constituting the Shareholder Applications were entered into the holders' security holdings on Friday 5, May 2009. It is anticipated that normal trading in these shares and options on the ASX will commence on Thursday, 14 May 2009.
The Company has given notice to the Underwriters requiring them to take up their commitment for 50,315,263 shares and 100,630,526 options (A$1,006,305.26) on Wednesday, 13 May 2009. It is anticipated that these shares and attaching options will be entered into security holdings on Friday, 15 May 2009.
As announced on Monday, 4 May 2009, the Company is seeking to place the shortfall from the offer of up to 59,035,000 ordinary shares and 118,070,000 free attaching options, raising up to a further A$1,180,700 before costs.
The Directors of the Company encourage shareholders and other interested investors who wish to participate in the shortfall to contact the manager of the offer, Intersuisse Ltd, to obtain a copy of the Prospectus and the shortfall application form. The offer of the shortfall is made pursuant to the Prospectus dated 14 April 2009 and on the same terms as the Share Purchase Plan, being 2 cents per share with two free options for each share subscribed.
Applications for shortfall shares and options can only be made on the application form that can be obtained together with the Prospectus from the manager of the offer, Intersuisse Ltd. Investors should consider the Prospectus in deciding whether to acquire shortfall shares and options.
Chief Executive of the Company, Mr Galtos, has notified the Company that he intends to apply for A$25,000 of shortfall shares and options.
Intersuisse Limited can be contacted by calling 03 96188286 or emailing esioffer@intersuisse.com.au
About Environmental Clean Technologies Ltd
Environmental Clean Technologies Limited (ASX:ECT) is in the business of commercialising leading-edge coal and iron making technologies, which are capable of delivering financial and environmental benefits.
We are focused on advancing a portfolio of technologies, which have significant market potential globally.
ECT's business plan is to pragmatically commercialise these technologies and secure sustainable, profitable income streams through licencing and other commercial mechanisms.
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