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ENVIRONMENTAL CLEAN TECHNOLOGIES LIMITED. — Capital/Financing Update 2014
Jul 29, 2014
64819_rns_2014-07-29_0d8bfd3e-a5ba-41ac-b85d-ac14703719a8.pdf
Capital/Financing Update
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Notification of Under Subscriptions for the New Options Offer
Wednesday 30 July 2014: Environmental Clean Technologies Limited (ECT or Company) (ASX:ESI) advised on Monday 28 July 2014 that its New Options (ESIOA) Offer closed at 5.00pm, Friday 25 July 2014.
The Company further advises that it will issue 1,396,172,364 ESIOA options to eligible participants under the Program, representing a take up of 100% of the Program approved at the company’s recent EGM on 30 May 2014.
This includes pre-commitments received prior to the Offer opening, valid applications received, the underwritten amount, in addition to valid shortfall applications received prior to this announcement.
The Offer within the Prospectus issued on 30 June 2014 was for 1,121,172,364 ESIOA options, being the total program less pre-commitments.
The following table sets out the number of ESIOA options subscribed for by eligible participants under the Offer:
| under the Offer: | |||
|---|---|---|---|
| Options Issue Offer | Number of NewOptions | Gross Proceeds | Percentage ofMaximum |
| Maximum number of new optionsthat could have been issued underthe Offerper the Prospectus | 1,121,172,364 | $1,121,172 | 100% |
| Less subscriptions | 836,286,684 | $836,287 | 75% |
| Less applications for shortfall | 194,885,680 | $194,885 | 17% |
| Less underwriting | 90,000,000 | $90,000 | 8% |
| Total under subscription | 0 | $0 |
This Offer has now been completed.
In accordance with the timetable for the Offer, and subject to ASX approval, the Company expects the issue of ESIOA options and despatch of holding statements on 6 August 2014, with trading anticipated to commence on Thursday 7 August 2014.
For further information contact: Ashley Moore – Managing Director - [email protected]
Level 7, 530 Little Collins Street, Melbourne Vic, 3000 Australia | Phone +613 9909 7684 | www.ectltd.com.au | ABN 28 009 120 405 Listed on the Australian Stock Exchange (ASX:ESI)
About ECT
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.
About Coldry
When applied to lignite and some sub-bituminous coals, the relatively simple Coldry beneficiation process produces a black coal equivalent (BCE) in the form of pellets. Coldry pellets have equal or superior energy value to many black coals and produce lower CO2 emissions than raw lignite.
About MATMOR
The MATMOR process has the potential to revolutionise primary iron making.
MATMOR is a simple, low cost, low emission, production technology, utilising the patented MATMOR retort, which enables the use of cheaper feedstocks to produce primary iron.