- Ceramic Fuel Cells has conditionally raised A$5.8m, before expenses, though a share purchase plan and overseas offer.

The company said it had raised A$4.2m, gross, through an allotment of 109,302,848 new ordinary shares at 3.84 cents apiece under a share purchase plan to shareholders in Australia and New Zealand.

And the company raised £0.88m (A$1.6m), gross, through the allotment of 41,134,062 new ordinary shares at 2.14p apiece under its overseas offer to eligible shareholders in Europe.

The proceeds will be used to provide the company with further working capital in order to fund: the existing operations of the company; an increase in volume production to leverage economies of scale and increase sales towards achieving a cashflow positive position; further value engineering to drive down manufacturing costs; the purchase of capital equipment in order to be able to increase capacity at the high volume assembly plant at Heinsberg, Germany; and continuance of its research and product development programmes.

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