Perth-based Neptune said today the IPO proceeds would be immediately applied to a rapid commecialization of the Company's technology, with an early focus on maritime infrastructure, shipping and oil and gas rig repair opportunities in Australia and Singapore.
Neptune's technology produces a "dry" weld underwater and in-situ to the same standards achievable through normal dry welding on land, significantly reducing the time and cost of underwater repairs to ships, oil and gas platforms and other marine structures.
The Company's Executive Director, Mr. Andrew Harrison, said today that the IPO had raised more than $2.35 million through the issue of over 11.76 million ordinary shares at $0.20 cents per ordinary share, with one free attaching option for every two shares subscribed for.
Mr. Harrison said Neptune now expected to list on the ASX early in April with total ordinary shares on issue of more than 29.2 million and a market capitalization at listing of over $5.84 million.
The Neptune Dry Weld technology has already been successfully used in Australia on ships and on a hydro electric project in the Philippines and has been approved by international class societies including the American Bureau of Shipping.
The welding method reduces the need to dry dock ships for some hull repairs, alleviates the time and cost of building special dry welding chambers around cracked hulls, and achieves certifiable standards comparable with dry weld and not able to be met by conventional underwater wet welding.
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