Thursday, May 9th, 2013 - Algae.Tec
Algae.Tec Limited (ASX: AEB) is pleased to announce that it has received commitments for the placement of new fully paid ordinary shares to corporate investors for the sum of $1 million (Placement).

Algae.Tec will issue 4,545,455 fully paid ordinary shares at $0.22 per fully paid ordinary share.

Algae.Tec is also pleased to announce a Shareholder Purchase Plan for all eligible shareholders on Algae.Tec’s register with addresses in Australia and New Zealand to apply for a maximum of $15,000 in value of ordinary shares in Algae.Tec (subject to any scale-back determined by Algae.Tec’s directors) at $0.22 per fully paid ordinary share. No brokerage or transaction costs will be incurred by shareholders under the Shareholder Purchase Plan (SPP).

The purpose of the Placement and SPP is to provide funds for:

    Increase personnel resources for commercialisation of its technology
    Complete validation at the company’s demonstration plant in Nowra NSW
    Repay and terminate the convertible note arrangement with La Jolla Cove Investors
    For general working capital requirements.

Further details in relation to the proposed SPP will be provided in the SPP Offer Booklet and Application Form, which will be sent to eligible shareholders in the next few days.

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Algae.Tec


Algae.Tec Ltd, ranked by Lux Research as the leading algae business in 2013, is an Australian advanced renewable oil from algae company.

Algae.Tec has developed a high-yield enclosed algae growth and harvesting system, the McConchie-Stroud System. The Company was founded in 2007 and has offices in Atlanta, Georgia and Perth, Western Australia.

The Algae.Tec bioreactor, an enclosed modular engineered technology, is designed to grow algae on an industrial scale, and produce biofuels that replace predominantly imported fossil fuels.

The technology has demonstrated exceptional performance in productivity, product yield, carbon dioxide sequestration, and production unit footprint requirements versus agricultural crops and other competitive algae processes in the industry.

Algae.Tec offers a profitable solution for carbon emitting companies and industries seeking carbon dioxide reduction technologies. The algae growth system is an alternative to Carbon Capture.

The Algae.Tec solution is less than one tenth the land footprint of pond growth options, while its enclosed module system is designed to deliver the highest yield of algae per hectare, and solves the problem of food-producing land being turned over for biofuel production.
Susan Fitzpatrick-Napier
P: 02 8006 0424
W: algaetec.com.au/

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algae, biofuels, ASX, shares, placement, green crude, algae.tec

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