Carbon nanotube concrete additive developer, Eden Innovations (ASX: EDE) is to raise $9.8 million from a placement and a rights issue.
The company, which makes the EdenCrete high performance concrete additive, will raise up to $1.5 million from a placement to sophisticated investors, and $8.4 million from a rights issue.
The placement will carry an issue price of 5.4 cents per share, with one free attachment placement option at eight cents.
The company’s shares, which had been trading at 62 cents, dropped to 57 cents on the announcement.
EdenCrete is a carbon nanotube enriched admixture for concrete that improves tensile strength, resulting in greater bearing capacity for applications such as slabs, columns or footings.
The nanotubes fill the spaces at the nanoscopic level between the hydrated cement particles, creating flexible and strong carbon bridges.
Eden Innovations developed its technologies in house and in projects with Monash and Deakin Universities.
Eden Innovations also sells OptiBlend, an innovative retrofit kit that allows diesel generator sets to run on natural gas.
Picture: Eden Innovations/EdenCrete trial in Georgia, USA
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