The conversion notes were part of an $A8.2 million fund raising effort, and the company reports that with its latest request for the admission of an additional 4,260,000 shares at A55 cents, it will be able to complete the final conversions.
CFCL chief executive Brendan Dow said yesterday that the company’s balance sheet was now strengthened.
“We are now debt free and the cash that was raised in the recent equity placement that had been earmarked for repayment of the notes can now be used to further the company’s commercialisation plans,” he said.
The Australian company also listed on London’s Alternative Investment Market in February this year in an oversubscribed offering that netted more than $A87 million.
In March, the company raised another $A3.9 after completeing a placement with Australian shareholders.
The company's fuel cells can be powered by hydrogen or natural gas.
