fund raising

Another possible funding source has bowed out as ANZ Bank (ASX:ANZ) reconfirmed its decision not to give financing for the $2.5 billion pulp mill that Gunns (ASX:GNS) plans to build at Bell Bay.

"There has been no change in our position since May 2008," said an ANZ spokesman yesterday.

Mirvac (MGR) has raised $350 million in their institutional capital raising. The raising has been oversubscribed with 250 million shares placed at $1.40 each. The extra capital increases liquidity to $1.4 billion and increases cash on hand to $400.3 million.

Arrow Energy (AOE), one of the leading Australian coal seam gas explorer and producers, has seen the biggest drop in its share price in more than a year following an announcement made by the company that it was conducting an investigation regarding raising funds to develop the Fisherman's Landing liquefied natural gas project at Gladstone that worth more than $2 billion.