Cleantech Building Materials: AMENDMENT OF LOAN FACILITY, DEBT CONVERSION AND ISSUE OF NEW SHARES
May 19 2017 - 7:31AM
19 MAY 2017
CLEANTECH
BUILDING MATERIALS PLC, NASDAQ FIRST NORTH, COPENHAGEN
TICKER: CBM
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: info@cbm-plc.com
Keswick Global AG (Certified Adviser)
info@keswickglobal.com
+43 1 740 408045
IFC
Advisory Limited (Financial PR)
Tim Metcalfe
Heather Armstrong |
+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
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