Bioenergy company, Delorean Corporation (ASX:DEL):
has successfully completed a placement of 26.47 [million] shares at $0.17 per share for a total of $4.5 [million].
Friday’s closing price: $0.20.
The company is also conducting a Share Purchase Plan with:
a target of $2.0 [million] in subscriptions. Eligible DEL shareholders […] will be offered the opportunity under the SPP to apply for up to $30,000 worth of new Shares …
What is all the new cash for?
… to add to existing cash reserves held by the Company to underpin further growth.
The cost of the new funds?
A fee of 6% was paid in relation to the raising.