DLA Piper has advised ASX and AIM-listed Ceramic Fuel Cells Limited (ASX:CFU) on its pro rata renounceable rights issue to raise a maximum of approximately AU$13.7 million.

Ceramic Fuel Cells Limited is a leading developer of generators that use fuel-cell technology to convert natural gas into electricity and heat for homes and other buildings. The capital raised will provide further working capital in order to fund existing operations, increase sales and marketing spend, permit further value engineering to drive down manufacturing costs, and fund continuation of research and product development programmes.

The rights issue was announced to ASX on 29 September 2014 and involves qualifying shareholders in Australia and New Zealand being offered an opportunity to subscribe for three new ordinary shares for every five ordinary shares held on the record date, in addition to free attaching options.

DLA Piper corporate partner Mark Burger and senior associate Dylan Burke advised Ceramic Fuel Cells Limited on the transaction, and were assisted by solicitor Asher Seifman and graduate Jack Quirk.