Dyesol announces leadership change, raises AUD$5 million through Share Purchase Plan

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Dyesol has announced that, effective immediately, Gavin Tulloch will no longer serve in the consultant role of director of technology, a position he has been responsible for since October 2010. Details surrounding the end of the engagement were not disclosed, however, Dyesol did note that Tulloch will remain a non-executive director of the company.

Tulloch founded STI and is credited with the advancement of  DSC in Australia. He is managing director global of Dyesol, director of several Dyesol subsidiary companies and director general of Greatcell Solar.

In addition to advising of its leadership change, Dyesol also revealed that it had raised AUD$5 million through take-up by shareholders under the recent Share Purchase Plan and an added placement to sophisticated investors. The company noted that the transaction was underwritten, in part, by Octa Phillip Securities for a total of AUD$3 million.

Dyesol stated that in addition to the AUD$3.9 million of proceeds from the Share Purchase Plan, it has also placed AUD$1.1 million in shares at 18 cents per share to sophisticated investors, which are comprised, for the most part, of existing sophisticated investor shareholders. It plans to issue around 27.78 million shares.

“The Company is deeply gratified by the strong financial support from Dyesol shareholders and looks forward to reporting exciting developments in our world-class partner projects in the coming weeks and months,” commented Dyesol Chairman Richard Caldwell.

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