ReNu Energy completion of entitlement offer

ReNu Energy Limited (ASX:RNE) has successfully completed its underwritten, non-renounceable, pro-rata entitlement offer, providing existing shareholders with the opportunity to subscribe for 1 new share for every 2.46 shares held in ReNu Energy, at an issue price of $0.011. The Entitlement Offer was well supported by existing shareholders, with approximately 57.0 million new shares accepted, representing 31.3% of the total entitlements available for subscription.

Executive commentary on completion of entitlement offer

The completion of the entitlement offer marks an important milestone for ReNu Energy as it demonstrates the strong support from our existing shareholders. The funds raised through this offer will be instrumental in advancing our flagship Tasmanian green hydrogen projects and supporting our general working capital needs. We are pleased with the outcome and look forward to the positive impact this will have on our future endeavors.

Summary of completion of entitlement offer

ReNu Energy (ASX:RNE) has successfully completed its underwritten, non-renounceable, pro-rata entitlement offer, with approximately 57.0 million new shares accepted, representing 31.3% of the total entitlements available for subscription. The offer, along with the share placement announced on 11 December 2023, is expected to raise approximately $2.5 million before costs. The funds will be utilized to progress the company's flagship Tasmanian green hydrogen projects and for general working capital, reflecting ReNu Energy's commitment to sustainable investments and future growth.