Business
Environmental Energy Project Update
Environmental Energy Project Update.
About this update from Capai Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0178C\n Dukemount Capital PLC\n 16 June 2021\n \n \n \n \n Dukemount Capital Plc\n \n \n 16 June 2021\n \n \n Dukemount Capital Plc\n \n \n \n (\"Dukemount\"\n \n or the \"Company\")\n \n \n Environmental Energy Project\n \n \n Dukemount Capital Plc, the property management and long dated income specialist is pleased to announce that it has secured funding with regard to the Joint Venture Agreement with flexibility power expert HSKB Ltd (\"HSKB\"), which it announced on 22 March 2021. \n \n \n This funding is a £6.5m facility (\"Facility\") to be provided by Global Corporate Finance Opportunities 14, in which Alpha Blue Ocean (\"ABO\") acted as arranger by way of convertible loan notes (\"Notes\") convertible at 95% of the lowest daily VWAP in the 10 trading days prior to conversion, plus warrants issued on a 1:4 basis with each tranche at an exercise price of 120% of the lowest daily VWAP in the 10 trading days prior to the issuance of the Notes to which they are attached (other than with respect to the first tranche of Notes, where the exercise price is the lower of (a) GBP 0.00604 and (b) 120% of the lowest Daily VWAP over the ten trading days prior to the issuance of the first tranche of Notes) (\"Warrants\"). The facility continues for 24 months and is unsecured and interest free. A 3% commitment fee is payable in two stages as the Facility is drawn down.\n \n \n This funding provides Dukemount with a £6.5m facility, of which it expects a draw down of £3m will be lent to fund the HSKB Joint Venture (\"Joint Venture\") over the next six months, beginning with a tranche of £1.2m. The remaining £3.5m will be drawn down, if required by Dukemount, to fund future projects in the fast-growing UK flexible 11kv power sector, where HSKB can deliver a strong pipeline of deals. \n \n \n It is anticipated that the lenders to the Joint Venture will regard Dukemount's first £3m funding as equity and proceed to fund up to 60% of the build cost. \n \n \n Draw down of the Facility is conditional upon approval by shareholders of the agreement for the Facility including the conversion terms and warrant terms at a general meeting to take place within the next 30 days. A notice of general meeting will be issued shortly. \n \n \n Draw down is also conditional upon issue of a prospectus for the admis...