Carnegie Wave Energy Ltd., an Australian developer of marine-energy projects, plans to raise A$5 million ($5 million) in a share sale to existing investors.
The funds will be used for site development, desalination technology and working capital, the company said in a statement to the Australian stock exchange today. The offer is underwritten by Blackswan Equities Ltd.
Carnegie shareholders can purchase as much as A$15,000 of stock under the offer, between Nov. 15 and Dec. 21. The sale allows for an over subscription of A$3 million.
