131118_$4m Capital Raise-Carnegie Wave

8/13/2019 131118_$4m Capital Raise-Carnegie Wave

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ASX AnnouncementMonday, 18 November 2013

Carnegie completes $4 million capital raise to accelerate CETO 6development

Carnegie completes $4 million capital raising

Capital raised via a convertible note issue

Conversion price equivalent to a 30% premium to last traded share price

Wave energy developer Carnegie Wave Energy Limited (ASX: CWE) is pleased toannounce that it has completed a capital raise of $4 million by issuing convertiblenotes to provide early access to the expected R&D tax refund for the financial yearended 30 June 2014.

The funds will be used to fast track the design of the CETO 6 project and for general workingcapital purposes. The notes will be repaid with the proceeds from the expected R&D taxrefund for the year ended 30 June 2014 unless otherwise converted to equity. CETO 6 will

be a next generation CETO unit with at least twice the capacity of the current CETO 5 unitbeing manufactured for the Perth Wave Energy Project. A further update on the details of theCETO 6 Project will be released in the coming months.

The capital raising comprises a placement of 4,000 convertible notes at an issue price of$1,000 each (Notes). The Notes have a 24 month expiry, pay a non-cash coupon of 6%p.a. and are convertible at any time at 5.5 cents per share which represents a 30% premiumto the last closing share price. A summary of the key terms of the Notes are set out inAnnexure 1. Allotment of the Notes will occur over the next 10 days.The private placement ofthe Notes was undertaken with a select group of sophisticated investors in accordance withsection 708 of the Corporations Act 2001.

Carnegie was advised on the transaction by Perth-based corporate advisory firm AzureCapital Limited.

The Company is not aware of any reason why the ASX would not allow trading torecommence immediately.


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About Carnegie

Carnegie Wave Energy Limited is an ASX-listed (ASX:CWE) wave energy technology developer.Carnegie is the 100% owner and developer of the CETO Wave Energy Technology intellectualproperty.

About CETO

CETO Power & Water

The CETO system is different from other wave energy devices because it operates under water and isanchored to the ocean floor. Several fully submerged buoys are tethered to seabed pump units. Thebuoys move with the motion of the passing waves and drive pumps. The pumps pressurise waterwhich is delivered onshore via an underwater pipe.

Onshore, high-pressure water is used to drive hydroelectric turbines, generating zero-emission

electricity. The high-pressure water can also be used to supply a reverse osmosis desalination plant,replacing or reducing the reliance on greenhouse gas-emitting, electrically-driven pumps usuallyrequired for such plants. The technology is also capable of generating power offshore should thespecific characteristics of a project site require it.

CETO technology characteristics include:

Converts ocean wave energy into zero-emission electricity and desalinated water.

Environmentally friendly, has minimal visual impact and attracts marine life.

Fully-submerged in deep water, away from breaking waves and beachgoers, and unaffected bystorms.
http://www.carnegiewave.com/http://www.carnegiewave.com/http://www.carnegiewave.com/


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Perth Wave Energy Project (PWEP) Fact File

Upon completion, PWEP will be Australias first commercial-scale CETO grid-connected waveenergy project.

The project is supported by $13.1m in Australian Government funding through the AustralianRenewable Energy Agencys Emerging Renewables Program.

PWEP is supported by $7.3 million from the Government of Western Australia's Low EmissionsEnergy Development (LEED) Fund. This is part of a larger $10 million LEED grant, awarded toCarnegie by the Western Australian Government, to support the development of the CETOtechnology from concept through to completion of PWEP.

The Desalination Pilot is supported by a $1.27m AusIndustry grant from the Clean Technology

Innovation Program.

Utilising Carnegies fully submerged and commercial proven CETO wave energy device.

Providing clean, renewable energy to Australias largest naval base, HMAS Stirling, on GardenIsland in Western Australia.

Providing potable desalinated water.

For more information:

Dr Michael Ottaviano

CEO & Managing Director

Carnegie Wave Energy Limited

+61 8 9486 4466

[email protected]

Website: www.carnegiewave.com
mailto:[email protected]://www.carnegiewave.com/http://www.carnegiewave.com/mailto:[email protected]


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Annexure 1

Issue Size A$4.0 million

Maturity November 2015

Coupon 6% per annum, accrued daily and paid quarterly in Carnegie fully paidordinary shares (Shares) at the prevailing 20 day volume weightedaverage price

Conversion Price A$0.055 / share

Conversion Rights Convertible at any time during the term of the Notes at the Noteholderselection

Mandatory Conversion If Carnegie trades for 15 consecutive trading days at a price which isgreater than A$0.071, the Company may force conversion of a portion(or all) of the Notes to Carnegie Shares

Mandatory Redemption Carnegie may redeem all or part of the Notes outstanding for cash onthe date which is 18 months after the Issue Date

Documents

131118_$4m Capital Raise-Carnegie Wave