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Coalbank investing A$1M in biogas energy developer

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Coalbank investing A$1M in biogas energy developer

Coalbank Ltd.agreed to invest A$1 million to acquire a 25% interest in biogas energydeveloper Utilitas Pty. Ltd., according to a July 15 release.

Under the terms, the company will subscribe for 7,072,365shares of Utilitas. The investment will entitle the company to appoint itsrepresentative on the energy developer's board and a preemptive right in futurecapital raisings.

The settlement is expected to occur within the next fivedays after legal due diligence is completed.

Coalbank's major shareholder Treasure Wheel Ltd. hasprovided the A$1 million funding for the investment, the company said.

The funds have been advanced as an unsecured loan that willbe converted to a convertible note, subject to shareholder approval.