Business
£11.57m Convertible Loan Note & Corporate Update
£11.57m Convertible Loan Note & Corporate Update.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 4806Z Active Energy Group PLC 15 March 2017 \n\nActive Energy Group Plc / EPIC: AEG / Sector: Alternative Energy\n15 March 2017\nActive Energy Group plc (\"Active Energy\", \"AEG\" or the \"Company\")\nIssue of £11.57m Convertible Loan Note and Corporate Update\n \nActive Energy, the London quoted international renewable energy, forestry management and timber processing business, is pleased to announce that it has successfully completed a fund raising of £11.57 million (or US$14.15 million) (before expenses) through the issue of convertible loan notes (\"CLNs\") to new and existing investors. The CLNs have a maturity date of 14 March 2022 (the \"Maturity Date\") and will be listed on the Channel Islands Securities Exchange. The CLN can be converted into ordinary shares of Active Energy, at any time prior to the Maturity Date, at a 30% premium to 2.535p, being the Company's 10 day Volume Weighted Average Price (\"VWAP\") immediately prior to the date of this announcement. The net funds raised will primarily be used to fund the construction of the Company's first commercial scale CoalSwitch production plant for Active Energy's revolutionary CoalSwitch biomass fuel.\n \nOverview\n \n· CoalSwitch represents the world's first 'drop in' biomass fuel that can completely replace coal in existing coal powered fire stations without the need for expensive retrofitting, and allowing coal-fired power utilities to avoid plant closure;\n· Completion of this fund raising should accelerate the commercialisation of the CoalSwitch biomass product; \n· Numerous utilities and major coal fired power stations across the world have requested delivery of commercial sized batches to test in their facilities;\n· A commercial plant is targeted for commissioning by Active Energy during 2017; and\n· CLNs issued to new London institutions in addition to certain existing shareholders.\n \nRichard Spinks, Chief Executive Officer of Active Energy said, \"The completion of this capital raise supports our strategy to accelerate the production of CoalSwitch and to collaborate with forestry owners around the world to increase the commercial viability of their timberland assets. &nb...