- Genex Power (GNX) will raise $90.3 million for its Kidston Pumped Storage Hydro Project via a placement and a pro-rate entitlement offer
- All of the new shares will issued at 20 cents each — a 27 per cent discount to the 5-day volume-weighted average price
- Another $47 million has also awarded to the project via a conditional grant from the Australian Renewable Energy Agency (ARENA)
- Additionally, ARENA has agreed to convert $9 million in development funding previously promised to Kidston into a non-recoupable grant
- All up, the new lines of funding will allow Genex to begin working on the construction of the $777 million project in North Queensland
- Company shares are in a trading halt, last trading for 27.5 cents per share
