Placing of New Shares

2 May 2008 14:54

Ceramic Fuel Cells Limited02 May 2008 2 May 2008 Ceramic Fuel Cells Limited to Raise £7.0 Million (A$14.7 Million) Ceramic Fuel Cells Limited (AIM / ASX: CFU) (the "Company"), a leading globalfuel cell developer, today announces that it proposes to raise gross proceeds ofapproximately £7.0 million (A$14.7 million) by way of a placing of new ordinaryshares to institutional investors in the UK and Europe. Placing Highlights • 35 million new ordinary shares are proposed to be issued in connection with the placing, representing 10% of the enlarged issued share capital. • The new ordinary shares will be issued at a price of 20 pence per share, representing a discount of 14% to the closing price on AIM on 30 April, the last business day prior to the Company's announcement responding to press comments on 1 May 2008. • The proceeds from the placing will provide CFCL with further working capital to facilitate the Company's continued commercialisation activities including the integration of its fuel cell products with conventional condensing boilers. • Application will be made to the London Stock Exchange for the new shares to be admitted to trading on AIM. It is expected that admission will become effective and that dealing will commence on 9 May 2008. At that time the Company will also apply for the new shares to be quoted on the ASX. • When issued, the new fully paid ordinary shares will have the rights specified in the Company's constitution and will rank equally with the Company's existing ordinary shares. • The Company proposes to issue the new shares without prior shareholder approval, as permitted under ASX Listing Rule 7.1. Brendan Dow, Managing Director of Ceramic Fuel Cells, said: "CFCL has made significant progress with the business to date and we remain ontrack to achieve commercialisation of our fuel cell products from 2009. Thesuccessful fundraising announced today demonstrates the continued support forour strategy by existing investors and we are also delighted to welcome a numberof new institutions. The funds raised will provide additional working capital aswe move towards market introduction of our products in Europe." For further information please contact: Ceramic Fuel Cells Andrew Neilson Tel: +61 419 950 771 Email: investor@cfcl.com.au Nomura Code Securities Tel: +44 (0) 20 7776 1200Juliet Thompson / Chris Golden Hogarth Partnership (PR for CFCL) Tel: +44 (0) 20 7357 9477Sarah MacLeod / Sarah Richardson / Vicky Watkins About CFCL Ceramic Fuel Cells Limited is a world leader in developing solid oxide fuel cell(SOFC) technology to provide reliable, highly efficient and low-emissionelectricity from widely available natural gas and renewable fuels. CFCL isdeveloping SOFC products for micro combined heat and power (m-CHP) anddistributed generation units that generate electricity and heat for homes. CFCL is developing m-CHP products with leading appliance partners and utilitycustomers in Germany, France, the United Kingdom, Holland, and Japan. CFCL islisted on the London Stock Exchange AIM market and the Australian SecuritiesExchange (code CFU). www.cfcl.com.au This information is provided by RNS The company news service from the London Stock Exchange