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
