An international team from DLA Piper has assisted Ceramic Fuel Cells Limited (CFCL) to raise working capital to the value of AUD 11.6 million.
CFCL is a world leader in developing fuel cell technology to convert natural gas into electricity and heat for homes and small commercial buildings. The capital raised will assist CFCL to continue to fund its operations and increase the volume of product manufacture.
CFCL undertook a one-for-four non-renounceable Rights Issue of its ordinary shares to existing shareholders in Australia and New Zealand at an approximate value of AUD 4.2 million, as well as an offer to existing shareholders outside of Australia and New Zealand, raising a further AUD 1.4 million. The remaining AUD 6 million resulted from a placing of ordinary shares to its strategic partner Chaozhou Three-Circle (Group) Co Ltd.
The project team advising CFCL was led by Melbourne-based partner Mark Burger, with support from corporate partner Simon Davidson, senior associate Christalyne Look and solicitors Marcus Lee and Nicholas Kefalianos. Hong Kong-based partner Esther Leung and solicitor Aneurin Chong were also crucial members of the team.
Mark Burger said: “We are delighted to have acted for CFCL on this successful strategic capital raising initiative. The transaction showcased DLA Piper’s global capabilities, local expertise and ability to work as one team across jurisdictions.”
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