Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Raya Group Raises $1.55M Through Placement Of Shortfall Shares

Raya Group (ASX: RYG) has raised a further $1.55 million through the placement of shortfall shares from its recently completed Share Purchase Plan.

This brings the total amount raised to $1.89 million, which will be used for the on‐going assessment and, if appropriate, development of the company's geothermal projects in Indonesia.

Proceeds will also be used for the identification of new and complimentary projects to assist in expanding and diversifying the Company's current project portfolio and pipeline.

The placement of the shortfall was managed by Melbourne Capital under a Mandate Agreement between Raya and Melbourne Capital that was signed in May 2013.

Raya, formerly known as Panax Geothermal, had sought to raise up to $2.9 million through the placement of shares priced at $0.01 each.

This includes a free attaching option exercisable at $0.015 and with a three year exercise period from the date of issue, for each share subscribed.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.