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The A$1 million placement represents 1.6% of Geodynamic’s existing issued capital, around 69 million shares.
All Geodynamic shareholders will also be invited to take part on a share capital expansion via a Share Purchase Plan – valued at A$0.90 per share – scheduled for May this year.
The funds raised are for the completion of Stage One of the Hot Fractured Rock (HFR) geothermal project in the Cooper Basin, which entails the drilling of the Habanero-2 well and the completion of the circulation test that will determine the feasibility of heat extraction.
As part of the share placement, both firms have now executed an Environmental Credits Offtake Deed, which formalises Metasource’s rights to Environmental credits. The Woodside unit had earlier underwritten part of the earlier A$7 million placement but market support meant that it was not called on.
