Shaw and Partners appointed Lead Manager to the Carbonxt Group capital raising News11 Oct 2018

Shaw and Partners is Lead Manager to a proposed capital raising by Carbonxt (ASX:CG1).

 

The raising will include a placement to sophisticated and professional investors (to raise up to $3.0 million), and the Company intends to offer existing shareholders the opportunity to participate in a 1:4 renounceable entitlement offer.

 

The New Shares to be issued under the Placement and under the Entitlement Offer will be issued at $0.40 per share.

 

The rationale for the capital raising is:

  • Carbonxt is experiencing higher than expected demand for its AC Pellet product.
  • To meet this demand the Company is building a new AC Pellet plant and optimising production at existing plants.
  • Total capex of A$4 million and working capital of A$2 million.
  • New facility expected to produce 3,500 tons p.a. of AC Pellets (A$13 million of revenue).
  • Current pipeline of demand is more than 7,000 tons p.a.
  • Target gross margin for AC Pellet product of 30%; minimal additional operating expenses required.

 

Offer is available to Australian resident Sophisticated and Professional Investor clients only.

 

For more information, please contact your Shaw and Partners Adviser.

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