ReNu Energy Limited (ASX:REN) announced that it had received firm commitments from professional and sophisticated investors to raise AU$4.5 million through the placement. The placement comprised the issue of approx. 75 million fully paid ordinary shares at AU$0.06 per new share. In addition to the placement, each shareholder will get one free attaching option for every share subscribed at a strike price of AU$0.07 per share and with an expiry date of 31 December 2023.
Proceeds from the placement will be used to improve the company’s balance sheet and strengthen its financial position to progress its various green hydrogen projects to the next stage of development and co-invest alongside HESTA, who recently signed a term sheet for up to AU$100 million investment in its green hydrogen projects. It would also be used to progress the project at Brighton in Southern Tasmania and those recently announced at Launceston Airport and in the Riau Archipelago in Indonesia.
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