Blue Energy Limited (ASX: BUL) has announced that it has raised approximately $2.0 million (net of fees) through a targeted share placement to a global institutional investor.
The Brisbane-based company said it will issue a total of 13,000,000 fully paid Blue Energy ordinary shares, at an issue price of $0.155 per share to the new participant, IFM Investors.
IFM Investors is a top tier global institutional investor with over $100 billion in funds under management.
Blue Energy said IFM will add further strength to the Blue Energy share register from a capital raising that will bolster the working position of the company.
Bell Potter Securities managed the placement process.