CAP Clean Air

 

TIDMCAP TIDMCTSU TIDMCTS 
 
RNS Number : 7343M 
Clean Air Power Limited 
04 February 2009 
 
 
 
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| For Immediate Release              |                                        | 
|                                    | 4 February 2009                        | 
+------------------------------------+----------------------------------------+ 
 
 
Clean Air Power Ltd 
 
 
 ("Clean Air Power" or "the Company") 
 
 
Fifth Tranche Admission of Private Financing Package 
 
 
Clean Air Power Limited (AIM: CAP), the developer of Dual-FuelTM combustion 
technology that enables heavy-duty diesel engines to run on a combination of 
both diesel and natural gas, is pleased to announce that further to its press 
release on 13 March 2008 regarding its private financing package, it has now 
completed the fifth financing tranche of GBP0.5m. Application has been made for 
admission to trading of 2,143,272 Common Shares ("Placing Shares") in relation 
to this fifth tranche and admission is expected to occur on or about 6 February 
2009. 
 
 
Following admission of the Placing Shares, Clean Air Power will have 44,333,910 
Common Shares of US$0.001 each in issue, of which Endeavor Capital Management 
LLC ("Endeavor") will hold 18,628,461 Common Shares representing 42.02% of the 
enlarged share capital in the Company. 
 
 
In addition, in accordance with the terms of the financing package, 1,071,636 
warrants have been issued to Endeavor which, together with the 5,841,577 
warrants issued to it under previous tranches of the financing result in 
Endeavour holding 6,913,213 warrants to subscribe for Common Shares. In total 
the Company has 8,729,357 warrants outstanding, representing 15.2% of the total 
enlarged share capital of the Company. 
 
 
The private financing package was designed to provide a minimum of GBP2.5m and a 
maximum of GBP5m for the Company between April 2008 and June 2009. The majority 
of this funding is to be provided by Endeavor, a longstanding and major 
shareholder in the Company. 
 
 
The first GBP2.5m has already been received in line with the original agreement 
and a further GBP0.5m, being the proceeds of the fifth tranche, will be received 
on Friday 6 February 2009. 
 
 
The original GBP5m commitment was made up of GBP0.35m from management and other 
existing investors and up to GBP4.65m from Endeavor with Endeavor's contractual 
obligation to fund up to GBP4.65m being conditional on the closing of certain of 
its funds. Since these funds did not close, the contract provides that the 
absolute obligation is set at a level where the Company was to receive a minimum 
of GBP2.5m from this fundraising. This GBP2.5m was received in full in 2008. 
 
 
Endeavor has a continuing obligation to deliver the second GBP2.5m on a 'best 
efforts' basis until the funds close when the GBP4.65m obligation will become 
absolute. This current tranche of GBP0.5m to be received on 6 February 2009 
reduces the balance receivable to GBP2m. Endeavor has reaffirmed its intention 
to be able to deliver the remaining GBP2m prior to 30 June 2009 if so requested 
the company. 
 
 
John Pettitt, CEO of Clean Air Power, commented "We are very pleased to have 
received this latest investment from Endeavor demonstrating their continued 
confidence in the Company's technology and prospects. Following our recent 
announcement of our agreement with Volvo this news continues our positive start 
to 2009." 
 
 
For further information please contact: 
 
 
Clean Air Power                                                    +44 (0)1494 
527110 
John Pettitt, Chief Executive 
Peter Rowse, Finance Director 
 
 
Buchanan Communications                                 +44 (0)20 7466 5000 
Charles Ryland 
Ben Willey 
Ben Romney 
 
 
Canaccord Adams Ltd                                            +44 (0)20 7050 
6500 
Robert Finlay 
Guy Blakeney 
Bhavesh Patel 
 
 
Notes to Editors 
 
 
About Clean Air Power 
 
 
Clean Air Power is the developer and provider of Dual-Fuel(TM) combustion 
technology for heavy duty diesel engines. Dual-Fuel(TM) engines substantially 
cut fuel costs and carbon emissions without sacrificing the original engine's 
characteristic efficiency or reliability. Clean Air Power is well positioned to 
assist corporations and governments to deliver on their environmental 
commitments while at the same time reducing transport operators overheads. 
 
 
Initially founded in the USA in 1991, around GBP40m has been invested in 
developing the technology with the result that 63 patents are currently held or 
pending. The holding company of the Group is based in Bermuda with operational 
subsidiaries in the UK, the USA and Australia. The Group was admitted to the AIM 
market of the London Stock Exchange in February 2006. 
 
 
 
Further information on Clean Air Power is available at www.cleanairpower.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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