Anaeco Ltd (ASX:ANQ) announced a private placement with existing investor, Ian Campbell, Director of the company for gross proceeds of AUD 10,000,000 on February 29, 2012. The funding will be part equity and part loan. The company and investor are still to agree on all the detailed terms and conditions. The investor presently owns 1.6% stake in the company. The company will seek shareholders approval for the transaction.

On April 13, 2012, the company issued 1,080,398 shares at AUD 0.043 per share for gross proceeds of AUD 46,457.114.

On April 16, 2012, the company announced that it will also raise AUD 15,000,000 with institutional and sophisticated investors. The company has engaged corporate advisors and due diligence has commenced for the same. The company has also finalized the terms of its convertible loan of AUD 10,000,000 from CF2 Pty Ltd, an entity controlled by Ian Campbell. The company will issue up to a maximum of 251,247,519 shares after conversion to increase its stake from 17.9% to 49.7% in the company. The company intends to initially withdraw AUD 3,000,000, which is divided into three draw downs of AUD 1,000,000 each and may elect to request for further draw downs. The first draw down to be made on or about May 18, 2012. The loan carries an establishment fee of 5%, payable by 30 June 2012, which will be paid by the issue of shares and also carries 12% interest on the daily balance of all drawn funds and 2% on the daily balance of all undrawn funds, payable at the end of each month. The conversion rate will be the greater of AUD 0.045 and the price equal to 90% of the VWAP of the company's shares during the 10 day period immediately prior to the issue of a conversion notice. The loan will mature on June 30, 2013. In accordance with the terms of the loan agreement, the investor will be required to submit a conversion notice for the first two draw downs plus the establishment fee of AUD 2,500,000, upon completion of the transaction, and convert this amount into shares. The loan is intended to be used as a standby line of credit for the company which will be managed by the board on a monthly basis. Future draw downs under the loan, beyond the initial AUD 3,000,000 will largely depend on the success of the capital raising. If the company successfully raise AUD 15,000,000 under the transaction, it is unlikely that the company will need to make further draw downs beyond the initial AUD 3,000,000.

On May 17, 2012, the company has received approval for the deal in its shareholder meeting.

As on June 30, 2012, the company has raised AUD 1,950,000 from CF2 Pty Ltd.

On June 26, 2012, the company has raised AUD 231,000 from CF2 Pty Ltd.

On August 27, 2012, the company issued 5,000,000 shares at a price of AUD 0.04 per share for gross proceeds of AUD 200,000.

On August 29, 2012, the company has raised AUD 250,000 from CF2 Pty Ltd.

On September 28, 2012, the company announced that amount outstanding under the convertible loan facility is AUD 7,569,000. The facility is available till June 2013.


On February 8, 2013, Anaeco Ltd closed the transaction. The company has received AUD 2,431,000 under convertible loan and AUD 246,457 through shares. The company has received AUD 2,677,457.114