By Sheri Kasprzak
New York, Aug. 2 - Ceramic Fuel Cells Ltd. said it has closed a private placement of secured convertible notes for A$8.2 million.
The three-year notes, sold to institutional, sophisticated and professional investors, are convertible into common shares at A$0.50 each.
The full terms of the offering could not be determined Tuesday.
The proceeds will be used for commercialization in Europe and for working capital.
Based in Victoria, Australia, Ceramic Fuel Cells develops technologies used in stationary power generation.
| Issuer: | Ceramic Fuel Cells Ltd.
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| Issue: | Secured convertible notes
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| Amount: | A$8.2 million
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| Maturity: | Three years
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| Conversion price: | A$0.50
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| Warrants: | No
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| Settlement date: | Aug. 2
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| Stock price: | A$0.75 at close Aug. 2
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