Aquaflow Bionomic Corporation seeks to raise up to $30m

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Aquaflow Bionomic Corporation said it was offering up to 60m new shares at 50c each. It was seeking to raise $20m but reserved the right to accept over-subscriptions of up to $10m.Aquaflow said it had developed and was operating a commercial scale prototype harvesting plant on a wastewater plant in Blenheim, and was continuing pilot plant-scale testing of an algae conversion plant in Nelson.

The company had achieved a major milestone of being able to harvest tonnes of wild microalgae.It was now working on conversion processes which should give an increasingly better energy balance, while continuing to develop lower cost harvesting technologies.A great deal of research and development still had to be done, and it was anticipated that would continue to be Aquaflow's major activity for the remainder of 2008 and 2009.

"The company hopes to be able to generate income from the production or sale of its technology in the future, however it is not clear at this stage when revenue streams will produce positive net cash," Aquaflow said.

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