Business
New Agreement for RTO of Cindrigo Energy Limited
New Agreement for RTO of Cindrigo Energy Limited.
About this update from Cindrigo Holdings Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 2978C\n Challenger Acquisitions Limited\n 17 June 2021\n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,\n \n \n WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.\n \n \n \n \n \n \n \n \n For immediate release \n \n \n \n \n \n Challenger Acquisitions Limited\n \n \n ('Challenger' or the 'Company')\n \n \n \n \n \n New Agreement for the Reverse Takeover of Cindrigo Energy Limited\n \n \n \n \n \n Challenger Acquisitions Limited (LSE: CHAL) is pleased to announce that it has entered into a new arrangement agreement (the 'New Agreement') with Cindrigo Energy Limited ('Cindrigo')regarding the acquisition of Cindrigo , a group that is pursuing renewable energy projects built on broad Swedish expertise and experience in the waste to energy and biomass energy sector\n \n (see \n \n \n www.cindrigo.com\n \n ). The New Agreement was required due to the invalidation of settlement agreements reached with existing noteholders as a consequence of the arrangement agreement with Cindrigo announced on 9 March 2020 (the 'Previous Agreement'). Additionally, since 9 March Cindrigo has resolved to make an open offer (the 'Open Offer') to its shareholders and any shares issued pursuant to the Open Offer would not have been covered by the Previous Agreement.\n \n \n \n \n \n New arrangement agreement regarding the acquisition of Cindrigo Energy Limited\n \n \n The terms of the New Agreement are substantially the same as those announced on 9 March and Cindrigo will propose a new plan of arrangement ('PoA') under the laws of British Columbia, Canada to give effect to the New Agreement and the acquisition of Cindrigo by the Company as the previous plan, which was approved by Cindrigo shareholders but not implemented.\n \n \n \n \n \n Cindrigo has today sent details of the Open Offer to its shareholders. The Open Offer is currently open for subscriptions and will potentially raise up to £2.1m of which £1.5m is already committed. These funds will be used to settle loans from Cindrigo's largest shareholder and will provide working capital to fund the waste-to-energy project of Cindrigo's UK subsidiary. \n \n \n \n \n \n The Company will issue the same number of shares to Cindrigo shareholders as under th...