Carnegie Corporation Ltd has completed a fundraising of $600,000 through a Share Purchase Plan and a further $580,000 following a share placement. All funds have been raised at 12.5 cents per share.
Though the company stated that it will share further details in due course, a media report highlighted that "Carnegie Corporation's capital raising ambitions have fallen well short of its $17 million target".
"In October, the company planned to raise $17 million through a share purchase plan, with each shareholder able to subscribe for up to $5000 worth of shares," reported wabusinessnews.com.au, which added that funds raised will be applied to the development of the CETO Wave Energy Technology.
The Australian, ASX-listed wave energy and clean technology developer is 98 percent owned by Australian investors.
The CETO technology IP is owned by AIM-listed Renewable Energy Holdings (REH), which has a joint venture licence relationship with EDF EN in the Northern Hemisphere to own and operate CETO Wave Power Projects and in the Southern Hemisphere with Carnegie to develop the CETO Wave Energy technology.
Carnegie also has the exclusive rights to own and operate all commercial CETO wave farms in the Southern Hemisphere (excluding Reunion Island).
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