Business
Placing
Placing.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n Camco International Ltd\n23 July 2007\n\n\n Camco International Limited\n ('Camco' or the 'Company')\n Placing\n\n\nCamco is a leading climate change group managing one of the world's\nlargest portfolios of carbon credits, providing carbon advisory services and\ninnovating new products and services. Camco works closely with businesses to\nidentify and develop projects that reduce greenhouse gas emissions.\n\nCamco is pleased to announce that it has conditionally placed 15,077,706 million\nnew ordinary shares of €0.01 each ('Ordinary Shares') ('New Shares') at a price\nof 75 pence per share to raise approximately £11.3 million before expenses (the\n'Placing').\n\nThe new funds raised, together with existing cash resources, will be used to\nfund various growth opportunities as follows:\n\n •£6.5 million to fund expansion in the US market of which £2.5 million is\n for organic growth and £4.0 million as a reserve to fund future potential\n acquisitions. Camco believes that the US represents one of the largest\n potential markets for carbon credits and has already established a presence\n in Denver and Aspen. Initial focus will be on methane and industrial waste\n projects.\n •£1.75 million to invest in a company to be set up to manage the Climate\n Leaders Joint Venture, as announced on 13 July 2007. The investment is\n expected to give Camco a 60 per cent. initial stake in the company managing\n the joint venture although this stake is anticipated to be diluted as the\n joint venture increases in size. The partners expect to complete\n negotiations and reach formal closing of this joint venture in the near\n future.\n •£5.75 million to fund the development of new products. This includes seed\n funding to cover short term working capital costs for Earth Carbon and Plan\n Vivo, a programme designed to address carbon emissions from land use and\n land use change which are estimated to account for between 20 and 30 per\n cent. of global emissions. Camco also intends to start to sell a limited\n number of its carbon credits forward on a fully guaranteed basis, a process\n which requires a small amount of capital to set up in the form of legal,\n structuring and professional fees. Further, there are several additional\n product development opportunities that are likely to need a limited amount\n of equity funding over t...