China New Energy raises GBP 60,000 in share issue

Sep 20, 2012 - Bioethanol and biobutanol project developer China New Energy Ltd (LON:CNEL) said it raised today GBP 60,000 (USD 97,000/EUR 75,000) gross in a share placement.

The company sold six million new ordinary shares at GBP 0.01 apiece. No information was provided about the planned use of the proceeds.

China New Energy said it had applied for the newly issued shares to be admitted on AIM, the London Stock Exchange's junior market, on or around September 25. The deal will bring the number of the company's issued ordinary shares to 316.6 million.

China New Energy provides process technology, engineering, plant manufacturing and operational services to the bioenergy sector through its wholly owned unit Guangdong Zhongke Tianyuan New Energy Science and Technology Co Ltd.

(GBP 1.0 = USD 1.618/EUR 1.251)

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