Advanced Engine Components Limited announced that it expects to receive AUD 2.33 million in funding.

Advanced Engine Components Limited (ASX:ACE) announced that it intends to complete a recapitalization private placement of 116,280,000 common shares at AUD 0.02 per share for gross proceeds of AUD 2,330,000 on January 18, 2013. The transaction will be done in two tranches. An initial placement of 29,000,000 shares for proceeds of AUD 580,000 will be completed by the end of March 2013.

The second tranche of 87,280,000 shares for proceeds of AUD 1,750,000 will be completed following the shareholders' approval of the transaction.