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DLA Piper advises on CFCL raising
DLA Piper Australia acted for ASX and AIM -listed Ceramic Fuel Cells Limited on one of four non-renounceable rights issue to raise up to A$21.7 million.
The New Lawyer
The Australian-based company has seen sales rise for its micro-generators, which produce heat and electricity while delivering energy more efficiently than large generators, the Financial Times reports.
This is the second time the company has raised funds since its IPO in 2006. In 2009, it raised A$20m following losses in the financial crisis.
Ceramic Fuel Cells Limited is also concurrently raising capital by issuing new ordinary shares to an investor based in the UK to raise approximately A$0.9 million and placing new ordinary shares to sophisticated investors to raise approximately A$5 million, as well as offering existing shareholders (outside Australia or New Zealand) new ordinary shares to raise up to A$3.3 million.
DLA Piper corporate partner Mark Burger led the DLA Piper team with senior associate Christalyne Look.
Mark said: "We are extremely pleased to have worked with Ceramic Fuel Cells on this important capital raising. The funds will provide the company with further working capital to increase the volume of production to meet the increasing demand for the company's energy products."
Ceramic Fuel Cells Limited this month inked a deal with a New York Stock Exchange listed provider of electronics manufacturing services called Jabil Circuit.
