Lignol Energy Corp. (LEC.V: Quote) announced that it has completed a non-brokered private placement of 30.75 million common shares of the Company at a price of C$0.08 per common share to raise gross proceeds of C$2.46 million , and has acquired from Wasabi Energy Limited (WAS.L), 275 million ordinary shares of Australian Renewable Fuels Limited (ARW.AX), for a total purchase price of C$4.27 million.
The lead investor in the Private Placement is Difference Capital Funding Inc. (DCF.V), a growth-oriented Canadian merchant bank, who made a C$1 million direct investment in LEC. After giving effect to the Private Placement and the Share Acquisition, DCF holds approximately 12.5% of the issued and outstanding common shares of LEC.
As a result of the closing of the Share Acquisition, Wasabi holds approximately 19.1% of the issued and outstanding common shares of LEC.
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by RTT Staff Writer
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