Po Valley Energy: Raises $10.1m for Selva Malvezzi

Po Valley Energy (ASX:PVE) to raise $10.1m for Selva Malvezzi

• Po Valley Energy (PVE) launches a $10.1 million capital raise to fund the development of the Selva Malvezzi Project in Italy
• The money will also be used to retire existing shareholder loans, repay convertible notes and pay for working capital
• The capital raising consists of a $1 million placement and a $9.1 million non-renounceable entitlement offer
• Under the placement, roughly 35.7 million new shares will be issued at 2.8 cents
• The entitlement offer will consist of both an institutional and retail component with both allowing shareholders to receive one new share for every two held
• Po Valley is steady on the market and shares have been trading at 3.4 cents since June 7