Eco Investor Update
A Weekly News Update for Environmental Investors
August 2012 - No 92
DUET said this will enhance its corporate governance and create value for securityholders by reducing costs and giving greater certainty over future distributions.
Under the proposal, the consideration payable to AMP Capital and Macquarie for the internalization will be $82 million in DUET securities. DUET will also pay AMP Capital and Macquarie about $11 million to 30 June 2013 to provide support services during the transition to independent management.
The proposal is subject to final documentation, an independent expert's report concluding that the Proposal is fair and reasonable and in the best interests of securityholders, and a minimum 50 per cent approval by DUET's securityholders at a general meeting likely in late October.
DUET director Doug Halley said "The Independent Directors unanimously support the internalization of DUET's management under this Proposal and believe it is in the best interests of securityholders, subject to the findings of an independent expert's report."
The proposal is expected to halve DUET's annual corporate operating costs and be accretive to DUET's operating cash flows from FY2014. It will eliminate base management fees and performance fees and remove volatility from future cash flows and distributions.
It strengthens the alignment of interests between DUET's management and securityholders, and is is likely to broaden DUET's appeal to the investment community and potentially expand its investor base.
Mr Halley also said "As a result of the strategic and capital initiatives implemented across the Group over the past 18 months, DUET is transitioning from a sector-based investment fund to an operationally focused operating business."
The DUET boards have appointed Mr Halley as independent chairman-elect subject to approval of the proposal. All independent Directors will remain as directors of the DUET Group and from the 2013 AGM will be subject to nomination and re-election on a rotational basis.
David Bartholomew, chief executive officer, and Jason Conroy, chief financial officer, will continue to lead the business, together with the majority of the DUET team. (ASX: DUE)
Hastings Diversified Utilities
The Pipeline Partners offer provides securityholders with value certainty; it is presently the highest value choice available; and in the absence of the current takeover activity HDF is expected to trade at a price below the offer price, it says.
On the merits of internalizing HDF's management, the independent directors said "While the estimated net cost savings of an internalization would be approximately $4 million to $5 million per annum, in the absence of any takeover offer, HDF's security price could be expected to trade below Pipeline Partners Australia's offer of $2.325 per security. Moreover, there are potential disadvantages associated with the internalization of HDF, in particular the expectation that financiers' consent and/or renegotiation of its total debt facilities of $1.375 billion would be required.,"
HDF is in discussion with APA about its intention to increase its offer to $2.50 per security subject to due diligence.
Hastings Funds Management chairman Alan Cameron said "HDF is working positively with APA and may provide APA with access to appropriate due diligence in due course. However, at this point in time there is no certainty that APA will make a formal revised takeover offer for HDF."
"Your independent directors have carefully considered Pipeline Partners Australia's offer and have concluded that it is presently the highest value choice available to all HDF securityholders, given the uncertainty of APA's intention to increase its offer and the assessment of the merits of internalization," he told securityholders. (ASX: HDF and APA)
Tox Free Solutions
It expects the company to announce a fully franked final dividend of 3.5 cents per share, representing a full year payout ratio of around 20 per cent.
"The acquisition of the DMX assets has now firmly skewed TOX's business mix to we believe the more attractive hazardous waste management industry which displays monopolistic and high barrier to entry characteristics. While the company is exposed the oil and gas and mining sectors, the vast majority of contracts relate to production assets (or large scale projects which are unlikely to be cancelled).
"The near-term outlook for the company remains very positive, with the acquired DMX assets combined with organic growth expected to deliver around 20 per cent earnings per share growth into FY13. While we don't expect management to provide specific earnings guidance for the following year at the upcoming result, we remain relatively confident in the growth outlook given the assets and contracts held within the business.
"With TOX currently trading at a premium to its major listed peer and not facing the same gearing issues, we believe the company will continue to look to make targeted acquisitions over the near/ medium term.
"We have retained our Hold recommendation and rolled forward our share price target to 30 June 2013, increasing it to $2.85 per share," said the broker. The risk factor for the stock is High. (ASX: TOX)
The company said it has continued to progress its wind developments and international solar projects during the June quarter. The day to day operating costs incurred in doing so are reflected in operating cash flows of minus $8.5 million for 2011-12. The company has also expended $11.2 million in development costs for these projects during the year which are reflected in investing cash flows of minus $12.8 million for the year.
The company is likely to post a significant loss, despite June quarter revenue of $20.7 million and full year revenue of $89.5 million.
The company has been negotiating several international solar projects and expects to progress these developments in next few months. Its Australian solar business is currently undergoing a restructure. (ASX: CBD)
Clean TeQ Holdings
"Many of the current projects are nearing completion and others will continue in the new financial year. The operational cash flow for the period was positive, with a small negative for the full year," it said.
"At the end of June 2012 the company had a cash balance of $1.634 million. This excludes the company's cash on deposit with a maturity greater than three months used as security for its projects. The company has no material debt." (ASX: CLQ)
WARL is a public unlisted company that aims to establish large scale prawn and fish farming operations for the Asian export markets.
CO2 Group has offered five of its shares for four WARL shares, or alternatively 16.25 cents cash per WARL share. The offer values WARL at $2.7 million.
The acquisition is relatively small compared to the company's market capitalization and should not materially affect its existing operations. The offer is conditional on CO2 Group obtaining 90 per cent of WARL's shares. WARL directors have recommended that shareholders accept the offer.
CO2 chief executive officer, Andrew Grant, said "The aquaculture project being developed by WARL fits within CO2 Group's environmental and sustainability philosophy as the whole production process is proposed to be developed onshore utilizing leading environmental practices aimed at ensuring that there are no adverse environmental impacts on the ocean or ground water sources, and providing a high quality sustainable and renewable protein source for rapidly growing international food markets."
CO2 Group has extensive expertise in the establishment of green-field agricultural projects, he said.
WARL was formed in 2005 to acquire the mining tenements held by CO2 Group when CO2 Group was changing its business to environmental services, CO2t retained an 11.22 per cent interest in the company.
WARL directors have been reviewing opportunities in water resources, agriculture and aquaculture. "Having completed a scoping study, the WARL directors have determined the aquaculture opportunity should be further analyzed via a pre-feasibility study, however it currently has insufficient cash reserves to carry this out," they said.
Meanwhile CO2 Group expects its 2011-12 earnings (EBIT) will be over $4 million compared to the $2.2 million in the 2011 financial year. "Performance has exceeded expectation of CO2 Group with the planting program in WA complete and the NSW program ahead of schedule. The board is pleased with the projected 2012 financial year outcome," it said. (ASX: COZ)
A second payment is likely to be made in the first half of 2013-14, a proportion of which is expected to be funded by up to 1 million shares based on Ward Consulting Services' 2012-13 normalized net profit.
Energy Action said Ward Consulting Services was established in NSW in 1999 and is "a highly successful and profitable business, with a focus on sustainability reporting and efficiency solutions. It is a highly complementary addition to Energy Action and in the 12 month period ending 31 December 2011 Ward Consulting Services generated net profit after tax of $638,000."
The acquisition is earnings accretive for Energy Action.
Ward Consulting' clients are in the property, food and beverage and finance sectors and include some of Australia's leading property owners and commercial property firms. It has a number of long term contracts that generate stable and predictable revenue streams.
"Through this acquisition, EAX will now have an expanded range of energy procurement and management services, increased capabilities in sustainability reporting and and the ability to cross-sell more services to a much larger client base," said managing director, Valerie Duncan. (ASX: EAX)
Novarise Renewable Resources
Micro Cap Companies
Cash reserves are $414,000 and it has an unused credit for $250,000.
Managing director David Fisher said he expects further cash from R&D cash-back and the agreement to sell and licence its AHS cold storage remediation business to Mycologia.
"Aeris is in detailed discussions with potential cold storage remediation service licencees in Asia, who have recently undertaken training in our Sydney offices, and Aeris is targeting a launch into these important markets during the 2012 calendar year," he said. These licences will be on the basis of an exclusive use of the AHS name and products.
Aeris has now produced and shipped its first commercial AerisCoatR anti-microbial coatings to Ingersoll Rand (Trane) in Asia. "It is envisaged that the forthcoming implementation of the now validated AerisCoatR commercial product could be rapidly scaled into other geographical markets, representing a multi-million dollar opportunity for Aeris," he said.
"The sale and licencing of AHS will now provide Aeris with the ability to focus more aggressively on the near-term scale-up of revenue in the company's drive towards commercialization and profitability."
Recent developments in R&D have extended the performance of the company's smart plastics (Biocidal polymers) into a new range of medical applications. The performance of Aeris' smart surfaces has been significantly extended beyond what was previously thought possible.
"In recent months, the company has had direct feedback that many of the competitive products in the global Microbial Control market are significantly deficient in ways that are addressed by Aeris' proprietary technologies. Aeris' strategic focus is now on gaining a critical mass of additional launch customers and revenue to build value for its shareholders," said Mr Fisher. (ASX: AEI)
Australian Renewable Fuels
Revenue was $21 million, giving $59.6 million for 2011-12. In the June quarter ARFuels generated net operating cash flows of $2 million. "This is attributable to the underlying trading and operations of the business and continues on from the prior quarter," said managing director and chief executive officer, Andrew White.
"We continue to work on supply options for recycled mill oil (RMO) and are close to finalizing the first shipment of 1,400 tonnes of higher quality RMO. Importantly, we have also confirmed with a number of the oil majors that, subject to sustainability standards, RMO will be an acceptable feedstock for biodiesel. Our RMO and other like feedstocks will comply with those sustainability standards."
"Sales are becoming more consistent with the export program and oil majors providing a base line level of sales for the business," said Mr White. This is helped by the opening of the new Shell Victorian biodiesel facility. "Shell is selling both B5 and B20 products from this terminal the B20 product is a world first for Shell and represents a real step forward for the industry and ARFuels."
The company has also started building inventory for the next shipment of biodiesel for export to the USA. That will be another 4,000 tonnes.
The introduction of the carbon price from 1 July saw biodiesel enjoys a 6 cent per litre advantage over diesel in mining sites, and this has led to an increase in enquiries and over the next six months is expected to translate into sales for the Largs Bay and Picton plants.
The rebuilding program for the Largs Bay plant is on time for a November completion.
"Feedstock prices for tallow and used cooking oils were firmer during the June quarter with average prices between A$750 to A$850 per tonne. We expect these levels to soften during the next quarter by around $100 per tonne and we continue to investigate all feedstock options for used and waste vegetable oils and low grade tallows.
"We are currently working on procuring a higher quality RMO which can be processed at the existing plant at Barnawartha." (ASX: ARF)
The company has received a substantial increase in new client enquiries from organizations that face major carbon liabilities under the carbon price. (ASX: CCF)
Clean Seas Tuna
The company continues to generate cash from a continued clearance in its Kingfish inventory, coupled with investment of surplus asset infrastructure. "Implementation of strategies to improve both the health and profitability of the Kingfish business remain ongoing. these initiatives are underpinning the company's mid-term cash profile," and the company.
Frode Teigen has reduced his holding from 12.59 to 11.59 per cent. (ASX: CSS)
During the quarter, Intec completed the removal of all electric arc furnace (EAF) dust from the Victorian stockpile site. The proejct saw about 28,000 tonnes blended with zinc-bearing slag material and exported as a lowgrade zinc concentrate. The remaining bond amount of $2.387 million has now been received by the company.
Of the remaining environmental bond of $361,000 including accrued interest lodged with EPA Tasmania for the previous Hellyer EAF dust stockpile site, $321,000 will be returned and the remaining $40,000 will come following the completion of minor remediation works at the Hellyer stockpile site.
Intec has completed the first milestone of the IRC Project in Iran for engineering work to help design and develop a 25,000 tonne per annum facility to recycle zinc and lead from a minerals processing residue.
The laboratory program has generated improvements to the provisional process flowsheet developed as part of a conceptual study in 2010. These refinements should offer lower capital cost, low operating costs, and decreased technical complexity in key areas, it said.
The company said the feedstock for the IRC Project is a complex mixture of 12-20 per cent zinc and lead minerals in a silicon/ aluminium host matrix.
Testwork has shown that over 90 per cent of the zinc can be extracted, leaving the other target metals in an intermediate residue for separate leaching. The resulting zinc-bearing pregnant leach solution can be purified to very low contaminant levels, allowing for the electrowinning of special high grade zinc metal via conventional sulphate-based electrowinning technology.
The intermediate residue is re-leached to extract 90 per cent of the lead and silver, ultimately producing samples of over 99 per cent pure lead metal. Future testwork will examine the possibility of using the Intec Process to recover the appreciable germanium from the intermediate residue.
The next component of the program involves pilot plant testwork and more detailed engineering.
Intec is in discussion with a number of parties about a possible transaction regarding its rare earth recycling technology. This might involve a party assuming responsibility for developing and funding the commercialization of the technology with support from Intec, said the company.
A party involved in a mutual technology assessment process to assess the Intec Gold Process for three types of refractory gold ores arsenopyrite, arsenopyrite-pyrite, and pyrite-carbon, has withdrawn from discussions. Intec said it will now consider alternative commercialization strategies. (ASX: INL)
"Nanosonics is a great example of Australian innovation. The global opportunities the company has identified based on its unique offering in disinfection and sterilization are very attractive," said Mr Kavanagh.
Nanosonics had customer receipts of $2.8 million in the June quarter and $10.7 million in 2011-12. Cash at the end of the quarter was $29.3 million compared to $7.4 million at 31 March.
Sales for the full year were $12.3 million compared with $2.2 million the previous year. Sales for the June quarter were $4.1 million, an increase of 36.9 per cent on the March quarter. (ASX: NAN)
The fourth quarter had positive operating cash flows. "We are pleased that the 12 months to 30 June 2012 operating cash flow remains positive ($0.17 million), a strong increase since the March quarter," it said.
Further revenue growth is expected in the September quarter. (ASX: PEH)
Phoslock Water Solutions
Receipts from customers and government grants was $495,000 for the June quarter and $2.2 million for the 12 months.
Phoslock has a cash balance of $384,000. It holds $1.5 million of inventory at current resale prices, and debtors are $500,000. Its working capital facility is drawn to $998,000.
Managing director, Robert Schuitema, said the company continues to grow the number of successful Phoslock applications in water bodies around the world. Product awareness and industry acceptance have been significantly bolstered.
"Phoslock is gaining increased market share and further sales are expected through our distribution arms in the months ahead," he said. (ASX: PHK)
Po Valley Energy
The result was mainly due to the increase in depreciation from the Castello gas field since restarting production in February. The company ended the period with cash of 2 million. Basic earnings per share were 0.28 Euro cents.
Total company gas production for the six months was 12.3 million standard cubic metres. Plans are advanced to install the condensate separator to bring the Castello field back to full production of 77,500 standard cubic metres per day. (ASX: PVE)
However, RedFlow has fully impaired $8.54 million on its capitalized research and development asset at 30 June 2012. This has no cash flow impact and does not affect its tax position and the Research and Development tax incentive claim, it said. The technology is in the early stages of commercial market development and exploitation.
Receipts from customers were $0.4 million for the June quarter and $2.4 million for the year to 30 June. Annual operating and investing cash flows were minus $17.7 million. (ASX: RFX)
The increase was due to deposits and balance payments from increased orders placed for delivery in the coming quarters and delivery of orders during the quarter. The June quarter is traditionally its busiest quarter, said the company.
Vmoto has shipped a sample delivery version electric scooter powered by lithium batteries to Domino's Pizza Australia for evaluation. Domino's indicated that the lithium battery powered 120L electric scooter may better suit its requirements as the range and performance are greater than that of the standard silicon battery powered electric scooter. Discussions continue.
Denmark's largest newspaper delivery company DAO ordered its 5th and 6th containers, bringing total scooters ordered to 208 for the seven months to July. Vmoto said it is excited that this single customer has ordered a significant number of electric scooters in a short period of time. (ASX: VMT)
WestSide has commenced drilling a series of new wells at Meridian SeamGas to increase production toward 25 terajoules a day. The drilling program comprises three new dual-lateral wells and one up-dip blind lateral well.
Chief executive, Dr Julie Beeby, said the results from wells already drilled have given the joint venture confidence to proceed with this next phase to lift production to satisfy sales contracts.
During the June quarter, WestSide's Transitional Environmental Plan - which aims to bring pond construction standards for Petroleum Lease PL94 into compliance with new State Policy standards - was progressed with the completion of the detailed engineering design for coal seam gas water storage and transport infrastructure.
WestSide finalized an Underground Water Impact Report (UWIR) for its CSG operations in PL94 under the requirements of the Queensland Water Act 2000.
The company also completed a CSG water re-injection feasibility study at Meridian, in line with the Queensland Government's preferred methods for CSG water disposal.
WestSide signed an agreement to install a pilot water treatment system expected to cost significantly less than reverse osmosis alternatives. Opportunities for reuse of the treated water in the surrounding region are being investigated. (ASX: WCL)
The company has appointed two independent non-executive directors. Former government minister Raymond Lim and ex-banker Sanjiv Misra replace Peter Clarke who resigned in May and the late David Williamson, who passed away recently.
Mr Lim is a former Singapore government minister and currently a Member of Parliament. He has extensive experience in the public sector and the financial industry. He sits on the board of the Government of Singapore Investment Corporate (GIC) and is currently a Senior Adviser to the Swire Group. He is also an independent director at fund manager APS Asset Management, Hong Leong Finance Ltd and non-executive chairman of Investec Singapore Aviation Management Pte Ltd.
Mr Misra is a Singapore citizen, and has spent more than 10 years at Goldman Sachs in New York and Asia, and was head of Citigroup's Asia Pacific corporate and investment banking businesses. He is currently president of Phoenix Advisers, a boutique consulting firm, and chairman of the Asia Pacific Advisory Board at Apollo Management. He is also on the board of Trustees at Singapore Management University and is a member of the board at National University Health System (NUHS). (ASX: DTE)
Discussions have begun with potential joint venture partners. "The Project has made significant progress on the design for a Lithium-Ion Battery Plant which has capacity to produce 620,000 e-bike battery packs per annum, with relevant environmental and safety regulatory applications already accepted and approved," it said. (ASX: GXY)
Micro Cap Companies
Algae.Tec's first algae to biofuels facility, Shoalhaven One at Nowra, has been opened by NSW minister for Resources and Energy, Chris Hartcher.
The plant uses Algae.Tec's high-yield, enclosed and scalable algae growth and harvesting system and waste carbon dioxide from Manildra Group. To commission the facility, the minister activated the hi-tech lighting system that delivers the Algae.Tec super yield capabilities.
Executive chairman Roger Stroud said Algae.Tec offers Australia energy security at a time when traditional fossil fuel companies are leaving the local market. "Algae.Tec offers the promise of home grown transport fuels (aviation and diesel), which is the number one energy security priority for countries like the USA and increasingly Australia." (ASX: AEB)
Controlled by AnaeCo director Dr Ian Campbell, CF2 advanced the funds under a convertible loan facility approved by shareholders in May. The $10 million facility can be drawn down until 30 June 2013.
The conversion of $2,181,000 represents the entire drawings under the facility to date. The company has also issued shares at 4.5 cents in payment of the 5 per cent facility establishment fee of $500,000.
Managing director and chief executive, Patrick Kedemos, said "I am very pleased that Ian Campbell has again displayed his belief in AnaeCo, the DiCOM technology, the upcoming commissioning of the Western Metropolitan Regional Council project and future commercialization, by converting this loan to equity. His willingness to increase his investment in the company is a further endorsement of support from our largest shareholder." (ASX: ANQ)
"As a result of the termination, no further draw-downs under the facility agreement will be made, and similarly La Jolla cannot convert any more money that may be owed to it by Eden to shares," it said.
"Further, in light this termination of the facility agreement because of the repudiation by La Jolla, Eden is exploring its obligations in relation to the unconverted balance of the funds advanced to Eden by La Jolla before the facility was terminated (US$536,039).
"La Jolla holds no shares in Eden, having sold all the shares that were previously issued to it under the facility, and has no right to acquire further shares through conversion pursuant to the now terminated facility agreement."
As the facility is terminated, Eden is planning a non-renounceable, pro-rata rights issue to raise between $2-4 million for working capital, (ASX: EDE)
Apart from entering the market during the global financial crisis, "We believe that we tried to bring our products to the market too quickly. Our business model called for us to start generating revenue immediately and the product was not ready for mass market distribution.
"We should have built fewer machines initially and Beta tested them over a longer period of time before we released them into the market place," he said.
"Our marketing efforts were too wide spread. We didn't focus on one or two markets and bring in small successes. We tried to open in too many areas creating a diverse area with not enough support and we spread ourselves too thin.
"Our initial distributors were not strong enough and could not support the needs of the machine or the instant customer satisfaction which is necessary to create good word of mouth.
"Developing the product in China was also fraught with difficulties. The lure of procuring inexpensive manufacturing needed to bring our product to the market at a competitive price was overshadowed by the hidden expenses of having to bring our engineers over there for extending periods of time. We also had to hire our own local engineers for quality control measures we did not feel we were getting from the factory. Ultimately the process was much more difficult, time consuming and expensive than we anticipated.
"The process of securing UL certification to enable our machines to be sold commercially in the US market was also extremely expensive and took much more time than anyone could have anticipated.
"Ultimately we have reached a point where the product [is] ready for the market and we have the certifications that we need but we don't have the money to market the products properly. So we are taking measures to bring in new investment. We are focusing on several markets where we have had some measure of success. We have downsized our overhead considerably and we are trying to move the company forward.
"The Skywater machines that were donated to Haiti following the earthquake are currently still in use and continue to provide clean water to help alleviate the cholera epidemic. The company continues to work with the Haitian NGO One Village Planet on the development of their Sustainable Village Initiative, a project which combines the use of Skywater machines with Biofuel Gasifiers to generate electricity and water to be used for farming and aquaculture in the underdeveloped rural areas of Haiti.
"Our newest product has
just been introduced to the market. It is the Skywater Harmony. This is
a Skywater 14 machine that has been enhanced to provide ionized super
"Island Sky is in the process of developing a new machine we call the Skywater Solar 125. Initial testing leads us to believe that this machine will produce up to 150 gallons of water per day using only 1 kW of electricity per hour. The typical RO Desalination System uses 2 kW per hour to power their system and another 2 kW to run the pump on the well. Electricity can run anywhere from $0.10 per kW/hr in a highly industrialized area to $0.50 per kW/hr in a place like the Bahamas. This would yield a yearly cost of $17,520.00 for the desal machine vs. $4,380.00 for the Skywater machine.
"Once the 125 unit has been commercialized the company intends to produce a solar version of the Skywater 300 machine as well which will have a similar economy of scale.
"As the company continues to improve the energy efficiency of its products allowing access to a greater segment of the marketplace, and as the world's water resources continue to be depleted (thereby increasing the price of water), Island Sky® believes that there will be a significant increase in mainstream demand for the units as a substitute for municipal water," he said.
Receipts from customers were only $71,000 in the June quarter and $212,000 for 2011-12.
The meeting voted strongly in favour of selling 933,077 shares in Island Sky Corporation to Mr Groden, who will continue his efforts to commercialize the technology. (ASX: ISK)
Liquefied Natural Gas
The arrangement followed the announcement of a share sale agreement between Molopo Energy and PetroChina Australia under which PetroChina Australia will acquire all of Molopo's coal seam gas assets in Queensland.
Under the Letter of Intent, PetroChina Australia and LNG will work together to secure sufficient gas for the LNG Project's first LNG train, to assist the LNG Project proceed to final investment decision.
PetroChina will consider the acquisition of prospective gas assets and permit interests in Queensland, which includes Molopo's gas assets and/or enter new gas supply arrangements with parties that own gas in Queensland capable of supplying the LNG Project.
PetroChina Australia is owned by PetroChina International Investment Company Ltd, which is a related company of LNG Ltd's largest and 19.9 per cent shareholder China Haunqiu Contracting & Engineering Corporation (HQC).
LNG's managing director, Maurice Brand, said "The signing of the Share Sale Agreement and the Letter of Intent are two material milestones in the company's gas supply plan for the LNG Project."
LNG is continuing its takeover discussions with WestSide Corporation and other parties. (ASX: LNG)
Executive director Steven Crabbe has indirectly become a substantial shareholder with 6.38 per cent through the issue of performance shares.
Chairman Malcolm Carson has indireclty acquired 500,000 performance shares. (ASX: LTX)
Metgasco said that "Throughout the second quarter of 2012 the NSW Government continued to work on updating policies that regulate the coal seam gas industry in the state. While this work remains incomplete the Government has not renewed exploration leases or granted production licences to the industry, including Metgasco. This has led to delays in key elements of Metgasco's forward work program."
Metgasco also said it is working with government agencies to update its water management plan that was submitted in 2008. "Metgasco will now be required to commit to specific beneficial uses for the water during the exploration phase whereas before this was required only during the production phase. Our new water management plan is expected to be completed in third quarter 2012." (ASX: MEL)
Water Resources Group
The company aimed to raise up to $5.6 million. (ASX: WRG)
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