(MENAFN - ProactiveInvestors - Australia) Greenpower Energy (ASX:GPP) has raised up to A976,632 in a partially underwritten rights issue that was offered on a 1 for 3 basis.
The company received acceptances for a total of 2,532,649 new shares raising 126,632.45, while the issue was partially underwritten for up to 17,000,000 or 850,000 by Pandora Nominees and CN McDonald Pty.
The allotment and the issue of the new shares will occur on 31 December 2012 and trading is likely to commence on 3 January 2013.
Greenpower Energy is focused on licensing its technology to establish a commercial operation to convert part of the LaTrobe Valley's massive reserves of brown coal into liquid fuel.
The company has substantial brown coal resources in the LaTrobe Valley area in Victoria.
It also has farmed out an interest in its EP447 conventional and tight gas area in the Perth Basin of Western Australia. The farm out partner has started pre-survey for a 2D seismic likely to be completed in 2012-13.
It is conducting a desktop study of its geothermal project near Esperance in WA and shallow investigatory drilling is likely in 2013. The company has also secured a state government co-funded drilling grant of 120,000 for the geothermal project under the WA government's Royalties for Regions program.