Windflow extends capital raising plan

The money is required to keep the company solvent until June 2012, by which time it expects to have raised new capital.

Windflow Technology has extended the closing date for its share purchase plan.

The Christchurch wind turbine manufacturer had hoped to raise $2.4 million by October 3 but it fell short of that by just over $1 million, so the capital raising plan will now stay open until October 20.

The money is required to keep the company solvent until June 2012, by which time it expects to have raised new capital.

The company's directors have revised down the amount of money needed to $2 million, if further restructuring is undertaken.

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