- – SPP has closed over target with approximate total of $3.1 million
- – Approximately 26m new shares will be issued on Wednesday, 21st of October
1414 Degrees is pleased to advise that the Company’s Share Purchase Plan (SPP) has closed with an approximate total of $3.1 million, exceeding the target amount by over $100,000. The board has decided to accept the oversubscription amount.
The SPP provided an opportunity for all eligible shareholders to subscribe for up to $30,000 at 12 cents a share, a 12.6% discount to the volume weighted average price of shares on the ASX during the 5 trading days immediately prior to the announcement of the SPP Offer on 3 September 2020. Approximately 26,000,000 new shares will be issued on Wednesday, 21st of October 2020.
Executive Chairman, Dr Kevin Moriarty commented “We are heartened by the strong support of our shareholders at a pivotal time. Their investment will enable us to prepare the Aurora project for revenue generation from a hybrid power plant with our patented thermal energy storage.”