News

LPE Raises $6 million via a Placement

PR Newswire

Sydney, Aug. 18, 2021 /Medianet/ --

Highlights:

  • $6m raised via a high demand placement to sophisticated and institutional investors
  • Funds raised to support customer growth and the roll out of shared solar
  • Strong participation from existing shareholders and the Company’s Chairman
  • Refinancing and restructuring of debt facility currently underway 
Locality Planning Energy Holdings Limited (ASX: LPE) (the “Company” or “LPE”), is pleased to announce that it has received firm commitments to raise $6 million (before costs) by way of a Placement to new and existing sophisticated and institutional shareholders. The Company will issue thirty (30) million fully paid ordinary shares at $0.20 (20 cents) per share (the “Shares”) together with a free attaching one (1) for two (2) option with an exercise price of $0.30 (30 cents), and an expiry two years from the date of issue (the “Options”) (“Placement”). The Company will seek to list the Options on the ASX having met the specific spread requirements.

The Placement was very well supported with total bids received exceeding the original raise target. The Company is excited to welcome new shareholders to the registry, with strong support also received from existing shareholders as the Company continues to execute on its growth strategy. The funds raised from the Placement will be applied towards the roll out of the Company’s shared solar product, billing system upgrades to increase customer experience and reduce costs to serve, working capital and costs of the offer.

Commenting on the Placement LPE Chairman, Justin Pettett, said: “The Company would like to thank existing shareholders for their ongoing support, with significant initial bids received for the capital raise under a chairmans list. I also welcome new professional, sophisticated and institutional investors to the register and I would like to thank the teams at PAC Partners and Fresh Equities for their continued support. The LPE team worked hard through FY21 to reduce costs and build efficiencies during a challenging time. The current 2022 financial year will be a year of investment into our internal processes and functions to enable growth and operational leverage in the coming years. A pivotal milestone in the Company will be the accelerated deployment of our shared solar product to strata communities. This is a unique product offering being exclusively made available throughout Queensland and New South Wales by the Company in its partnership with Allume Energy.”

- ENDS - 

For further info
Jane Morgan 
jm@janemorganmanagement.com.au
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