By Devika Patel
Knoxville, Tenn., April 2 - Helius Energy plc announced it has arranged a £2 million convertible loan facility with African Bi-Fuels Pty Ltd.
The facility matures in December. It may be drawn down in tranches from June until December.
The company must pay 1% interest per month on funds drawn and all of those funds must be repaid by April 2009.
The loan facility is convertible, in proportion to the amount actually drawn down and not repaid, at African Bi-Fuels' option at any time prior to one year after signing into up to 9,090,910 ordinary shares.
Proceeds will be used to provide working capital for the development of the company's business plan.
Middlesbrough, England -based Helius Energy was established to install and operate biomass fired renewable electricity generation plants.
| Issuer: | Helius Energy plc
|
| Issue: | Convertible loan facility
|
| Amount: | £2 million
|
| Tenor: | December
|
| Coupon: | 1%
|
| Price: | Par
|
| Conversion ratio: | Into 9,090,910 shares
|
| Warrants: | No
|
| Investor: | African Bi-Fuels Pty Ltd.
|
| Pricing date: | April 2
|
| Stock symbol: | London: HEGY
|
| Stock price: | 30p at close April 1
|
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