Issue of £11.57m Convertible Loan Note and Corporate Update
Active Energy, the London quoted international renewable energy, forestry management and timber processing business, is pleased to announce that it has successfully completed a fund raising of £11.57 million (or US$14.15 million) (before expenses) through the issue of convertible loan notes (“CLNs”) to new and existing investors. The CLNs have a maturity date of 14 March 2022 (the “Maturity Date”) and will be listed on the Channel Islands Securities Exchange. The CLN can be converted into ordinary shares of Active Energy, at any time prior to the Maturity Date, at a 30% premium to 2.535p, being the Company’s 10 day Volume Weighted Average Price (“VWAP”) immediately prior to the date of this announcement. The net funds raised will primarily be used to fund the construction of the Company’s first commercial scale CoalSwitch production plant for Active Energy’s revolutionary CoalSwitch biomass fuel.