Green Rock Energy Agrees With Cygnet Capital to Raise A$2.65 Million

June 29 (Bloomberg New Energy Finance) -- Green Rock Energy Ltd., the Perth-based geothermal power company, has signed an agreement with Cygnet Capital to raise A$2.65 million ($2.29 million).

Cygnet will lead a placement of 70 million ordinary shares to raise a total of A$1.05 million at 1.5 Australian cents per share split across two tranches and will underwrite a non- renounceable rights offer of shares to investors on a one-for- three basis at 1.5 Australian cents per share to raise approximately A$1.6 million, the company said in a statement.

Cygnet will be granted 25 million options, exercisable at 2 Australian cents per share, expiring on 30 June, 2013, on completion of the rights issue as part of its fee structure. All capital raised by Cygnet will attract a 6% capital raising fee.

To contact the reporter of this story: Baldave Singh at bsingh35@bloomberg.net

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