React Energy PLC Amendment of the project development loan facility (1949S)
March 16 2016 - 3:00AM
UK Regulatory
TIDMREAC
RNS Number : 1949S
React Energy PLC
16 March 2016
16 March 2016
REACT Energy plc
("REACT" or the "Company")
Amendment of the project development loan facility
On 8 January 2016 REACT, the renewable energy developer and
operator focusing on the production of clean energy in the UK and
Ireland, announced that it had secured a EUR750,000 loan facility
(the "Facility") from EBIOSS Energy AD ("EBIOSS").
The terms of the Facility stated that the Company would use the
proceeds solely to fund the development costs associated with the
Company's identified biomass gasification projects in the UK and to
date the Company has drawn down EUR250,000. However, the parties to
the Facility have agreed to amend the terms of the Facility such
that the proceeds from the second tranche, amounting to, in
aggregate, EUR250,000, to be drawn down by the Company can now be
used for the working capital needs of the Company as well as for
project development costs, at the sole discretion of the
Company.
Following the amendment to the Facility, the Company has drawn
down EUR150,000 of the second tranche, which will be used for the
working capital needs of the Company.
Accordingly, a further EUR350,000 is available pursuant to the
Facility, of which EUR100,000 can be used at the sole discretion of
the Company and EUR250,000 can be used for project development
costs, and the parties have agreed that all subsequent drawdowns
will be made as and when required to minimise finance costs.
All other terms of the Facility remain the same.
For further information:
REACT Energy plc
Gerry Madden / Brendan
Halpin +353 (0)21 2409 056
Strand Hanson Limited
- Nomad & Broker
James Harris / Richard
Tulloch / Ritchie Balmer +44 (0)20 7409 3494
About REACT:
REACT Energy plc is committed to operating clean electricity and
heat generation plants in the UK and Ireland. The Company seeks to
identify, build, own and operate renewable projects and possesses
significant knowledge of energy markets, clean technologies, fuel
sources, project development, project finance and project delivery.
REACT currently has four operational clean energy plants generating
revenue from the sale of electricity and heat. The generation of
clean electricity and heat from sustainable sources has the
potential to address the key energy challenges of energy security
and carbon commitment and provide strong returns on capital
employed.
The Company is quoted on AIM and trades as REAC. Further
information on the Company can be found at
www.reactenergyplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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