Delorean Corporation (ASX:DEL) Raises $1.63M to Support Growth – The Market Herald

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  • Delorean Corporation (DEL) Raises $1.63 Million From Its Stock Purchase Plan (SPP) to Support Future Growth
  • A total of 9.57 million new shares will be issued at the same price as the placement of 17 centimes
  • The SPP was originally designed to raise $2 million, but the company said it had no plans to place any further shares
  • Shares are trading flat today at 16.5 cents each

Renewable energy and waste management company, Delorean Corporation (DEL) has raised $1.63 million through its stock purchase plan (SPP) to support its future growth.

A total of 9.57 million new shares will be issued at the same price as a recent placement of 17 cents.

The SPP was originally designed to raise $2 million, but the company said it had no plans to place any further shares.

The funds will be used for a number of activities, including cash performance bonds for engineering supply and construction contracts.

It will also be used to develop a futures strategy for large-scale production certificates.

Finally, the money will contribute to working capital and the continued development of the company’s pipeline of bioenergy infrastructure projects.

Shares were trading flat today at 16.5 cents apiece as of 3:16 p.m. AEST.