Dyesol Successfully Raises AUD $5 Million

Australian “clean-tech” company Dyesol Limited has raised a total of AUD $5 million, through take-up by shareholders of the recent share purchase plan and a supplementary placement to sophisticated investors.

The transaction was partly underwritten by Octa Phillip Securities for a total of $3 million and, consequently, there was no shortfall to the underwriter.

In addition to the approximate $3.9 million of proceeds raised from the share purchase plan, the company has also placed $1.1 million in shares at 18 cents per share to sophisticated investors, comprised principally of existing sophisticated investor shareholders. The total number of shares to be issued will be approximately 27.78 million.

“The company is deeply gratified by the strong financial support from Dyesol shareholders and looks forward to reporting exciting developments in our world-class partner projects in the coming weeks and months,” Dyesol chairman Richard Caldwell stated.

Dyesol is a global supplier of dye solar cell (DSC) materials, technology and know-how. The company supplies photovoltaic enabling technology and materials to manufacturers seeking to value-add photovoltaic capability into their products, such as glass building facade or steel roofing products.

DSC is a third generation photovoltaic technology enabling metal-, glass- and polymeric-based products in the building, transport and electronics sectors to generate clean electricity and improve energy efficiency.