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GreenRock Energy raises US$520,000 in placement

GreenRock Energy raises US$520,000 in placement Esperance, West Australia - not related to story (source: creative commons, flickr/donpugh)
Alexander Richter 14 Apr 2010

Green Rock Energy raises US$520,000 in placement, with one tranche being issued to the companies Managing Director and Director of Operations.

Reported from Australia, “Green Rock Energy (ASX: GRK) has raised A$560,000 (US$ 520,000) through the placement of 18,666,667 shares at 3 cents per share (Placement Shares).

The funds will be applied to support ongoing development of Green Rock’s projects, in particular the project to demonstrate commercial production of geothermal energy for direct use at the University of Western Australia.

This placement is separate from but at the same price as the Share Purchase Plan on offer until 23 April 2010 to Shareholders on record as at 24 March 2010.

The Placement Shares will be issued in two tranches, the first tranche to unrelated parties of Green Rock and the second tranche to Directors Richard Beresford (Managing Director) and Adrian Larking (Director of Operations).

Subject to Shareholder approval, Richard Beresford and Adrian Larking will be participating in the placement to the extent of 1,683,333 and 1,666,667 shares respectively.

The placement was conducted within Green Rock’s existing 15% placement capacity.”

Source: Proactive Investors