Cleantech Building Materials: AMENDMENT OF LOAN FACILITY, DEBT CONVERSION AND ISSUE OF NEW SHARES
19 MAY 2017
CLEANTECH BUILDING MATERIALS PLC, NASDAQ FIRST NORTH, COPENHAGEN
CLEANTECH BUILDING MATERIALS PLC
AMENDMENT OF LOAN FACILITY, DEBT CONVERSION AND ISSUE OF NEW SHARES
Cleantech Building Materials PLC (CBM or the Company) announces that the Company has reached an agreement with its loan provider, as disclosed in the CBM Company Description published on 20 December 2016 (Company Description), to increase the size of its existing loan facility by a further €2,000,000. This additional funding will provide the Company with the working capital required to continue the expansion of its marketing and sales activities in China and the ASEAN markets, and to progress the financing and build plans for its own Accoya® Wood factory in China.
The Company has also received a request from its loan provider, as disclosed in the Company Description, to convert €400,000 of outstanding debt into 960,000 new ordinary shares of £0.10 each in the Company and, in accordance with the provisions of the loan agreement, for the shares to be issued to a third party that will hold less than 5% of the Company's issued share capital.
Following the recently announced agreement between the Company and VP Securities A/S, the Company has issued these shares directly to the account of VP Securities who will, in turn, issue the equivalent number of securities in the VP system to the shareholder's account. The Company will apply for the 960,000 new ordinary shares to be admitted to trading on the Exchange.
Following this conversion, the issued share capital of the Company will be 36,498,707 ordinary shares of £0.10 each.
The Company's Chairman, Paul Richards, said:
We are delighted that our loan provider has agreed to increase our facility and to again convert some of its outstanding loan into shares in CBM, further demonstrating its confidence in our business plan. 2017 is going to be a transformational year for CBM and we look forward to delivering value for all of our shareholders.
THE DIRECTORS OF CLEANTECH BUILDING MATERIALS PLC ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT
Further information may be found at the Company's website at www.cbm-plc.com
Company contact details:
Email: [email protected]
Keswick Global AG (Certified Adviser)
+43 1 740 408045
| IFC Advisory Limited (Financial PR)
|+44 20 3053 8671|
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Cleantech Building Materials via Globenewswire