Enerji generates $1M placement

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THE BOURSE WHISPERER: Emerging Perth-based green energy utility, Enerji Limited has completed the book build for a share placement with commitments of approximately A$1,000,000, before costs, to sophisticated and private investors.

The purpose of the placement is to further fund the installation process of Australia’s first Opcon Powerbox at Horizon Power’s Carnarvon Power Station.

Designed in Sweden by Opcon, the Powerbox cogeneration technology transforms waste heat into electricity thereby creating significant energy cost and carbon dioxide emissions savings for its customers.

Enerji has exclusive sales and distribution rights for the Opcon Powerbox in Australia and options for distribution throughout Malaysia, Thailand, Singapore and Sub-Saharan Africa.

Enerji has a ‘Build, Own, Operate’ business model for the Powerbox.

Earlier this month the company announced a clear timeline towards the installation of Australia’s first Opcon Powerbox at Horizon Power’s Carnarvon Power Station during the second half of 2011.

On completion of the Carnarvon installation Enerji will generate revenue through its Power Purchase Agreement with Horizon Power.

This first Powerbox installation will also provide a reference site in Australia providing invaluable support to Enerji’s wider commercialisation objectives.

Under the Placement, Enerji will issue just over 55.5 million fully paid ordinary shares at a price of $0.018, each with an attached one for two unlisted option exercisable at $0.03 to expire on 30 June 2015.

The company will issue approximately 27.7 million Placement Options.

Enerji also advised the market of an upcoming one for three Rights Issue of unlisted options to all shareholders to raise approximately $460,000, before costs.

This will commence before the end of August 2011. These unlisted options will have an issue price of $0.002, will be exercisable at $0.03 with an expiration date of 30 June 2015.

Following completion of the Rights Issue, Enerji will apply for quotation of the options from the Rights Issue and the Placement Options on the ASX. The Rights Issue will be underwritten by SA Capital Pty Ltd.