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Carnegie to raise $5m

Money will be used to ‘fast track’ project opportunities

Carnegie to raise $5m image

Carnegie Clean Energy has received firm commitments to raise $5m through the issue of 8% per share convertible notes with a three-year term.

The company said the money will be used to refinance an existing $500,000 working capital bank facility in place with its 100%-owned solar/battery microgrid developer Energy Made Clean.

It will also help to “fast track” project opportunities, Carnegie added.

The $5m will be subordinated to the company’s existing $3.69m convertible notes and have a conversion price of $0.08 per share compared with $0.038 for the existing notes, it said.

Image: Carnegie Clean Energy

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