Kerry Pianoforte05.03.11
Dyesol has successfully completed a A$5.5 million placement to professional and sophisticated investors at 65 cents per share or at an approximate 11% discount to the company’s 30 day volume weighted average share price. Austock Securities Limited was the lead manager of the transaction and was assisted in the USA by Chardan Capital Markets LLC.
Also, as set out in the company’s Appendix 4C released on April 29, Dyesol intends to offer a share purchase plan (SPP) to all shareholders as of the record date on the same price and volume terms as the above placement.
Separately, Dyesol has entered an agreement with Springtree Special Opportunities Fund, LP (SpringTree) under which SpringTree can invest between A$15.2 million and A$22.4 million in Dyesol over the next three years in monthly installments. Dyesol has the ability to terminate the agreement at any time, at no cost if the price is below a specified level or after 12 months, or otherwise at a small break fee.
In summary, Dyesol has established a funding mix that benefits shareholders, creating a cost effective source of working capital to support current levels of operational expenditure. Dyesol has a number of world-class solar photovoltaic projects that provide great growth potential on the road to major commercialisation of our DSC technology and the company expects to report further significant progress on the expansion phases of these projects in the near future. The directors would also like to thank all existing shareholders for their ongoing financial support and welcome new investors to its share register.
Also, as set out in the company’s Appendix 4C released on April 29, Dyesol intends to offer a share purchase plan (SPP) to all shareholders as of the record date on the same price and volume terms as the above placement.
Separately, Dyesol has entered an agreement with Springtree Special Opportunities Fund, LP (SpringTree) under which SpringTree can invest between A$15.2 million and A$22.4 million in Dyesol over the next three years in monthly installments. Dyesol has the ability to terminate the agreement at any time, at no cost if the price is below a specified level or after 12 months, or otherwise at a small break fee.
In summary, Dyesol has established a funding mix that benefits shareholders, creating a cost effective source of working capital to support current levels of operational expenditure. Dyesol has a number of world-class solar photovoltaic projects that provide great growth potential on the road to major commercialisation of our DSC technology and the company expects to report further significant progress on the expansion phases of these projects in the near future. The directors would also like to thank all existing shareholders for their ongoing financial support and welcome new investors to its share register.