Business
Debt Fundraising Complete
Debt Fundraising Complete.
About this update from Hardide Plc
[{"type":"text","content":"\n Hardide PLC\n05 October 2007\n\n\n\nPress Release 5 October 2007\n\n\n Hardide plc\n ('Hardide' or 'the Company' or 'the Group')\n\n Hardide completes debt fundraising to support\n accelerated entry into the aerospace sector\n\n\nHardide plc (AIM:HDD), the provider of unique surface engineering technology, is\npleased to announce that, further to its announcement on the 21 August 2007\nregarding its accelerated plan to enter the aerospace sector, the Group has\nsecured its second tranche of funding. This has been secured following an\ninvestment of £500,000 from Mr A. Badenoch. The loan is to take the form of an\nassignable company debenture; will have an interest rate of base plus two\npercent; attracts no penalty for early repayment; and will be repayable on\ndemand on a change of control of the Company. The deal also includes the option\nfor Mr Badenoch to subscribe for £500,000 worth of shares at 12p per share,\nexercisable for a period of up to three years from 28 September 2007. The\ncompletion of the second tranche means that the Group now has secured its total\nfunding requirements of £1,000,000, which it will use to penetrate the aerospace\nsector in order to take advantage of significant new market conditions and blue\nchip customer opportunities.\n\n\n - Ends -\n\nFor further information:\n\nHardide plc\n\nJim Murray Smith, Chief Executive Tel: +44 (0) 1869 353 830\[email protected]\n\nJackie Robinson, Head of Communications Tel: +44 (0) 1869 353 830\[email protected] www.hardide.com\n\n\nSeymour Pierce\n\nNicola Marrin, Corporate Finance Tel: +44 (0) 20 7107 8000\n\n\nMedia enquiries:\n\nAbchurch\nHenry Harrison-Topham / Chris Lane Tel: +44 (0) 20 7398 7702\[email protected] www.abchurch-group.com\n\n\nNotes to editors\n\n\nHardide provides and applies tungsten carbide-based coatings to a wide range of\nengineering components. The Company's patented technology is unique in that it\ncombines both abrasion and corrosion resistant properties in one coating. When\napplied to components, the technology is proven to offer dramatic cost savings\nthrough reduced downtime and extended component life. Customers include leading\ncompanies operating in oil and gas exploration and production, valve and pumps\nmanufacturing, general engineering and aerospace.\n\n\n This information is provided by RNS...