Tuesday, 22 December 2009

Syngas raises $850,000

Adelaide Advertiser
Thursday 17/12/2009 Page: 51

Syngas has raised more than $850,000 in capital for its proposed $3 billion coal-biomass-to-diesel Clinton project, 120km northwest of Adelaide. The company placed more than 26.5 million shares at 3.2c each with sophisticated investors following shareholder approval for the move. The $850,184 raised will be used in the continued development of the Clinton project, which is expected to produce 15,800 barrels a day of ultra-clean diesel throughout its expected 40-year lifespan.

The Perth-based company, which will relocate to Adelaide in March, has appointed the Australian Centre for Corporate Social Responsibility to provide stakeholder engagement services during the project's development. Managing director Merrill Gray said gaining local community approval was part of a key stakeholder outcome.