Increase of Capital Loan Facility (0332C)
28 Fevereiro 2011 - 3:21PM
UK Regulatory
TIDMALR
RNS Number : 0332C
Alternative Energy Limited
28 February 2011
For immediate release 28 February 2011
Alternative Energy Limited
("Alternative Energy" or "the Company")
Increase of Convertible Loan Facility
On 14 May 2011, the Company entered into a Convertible Loan
Facility with Christopher Nightingale, the Executive Chairman of
the Company, pursuant to which Christopher Nightingale granted an
unsecured loan in the aggregate principal amount of
US$2,000,000.
It was agreed on 25 February 2011, that Christopher Nightingale
would increase the amount of the unsecured loan by the amount of
S$1,140,000 or US$1,000,000 on the same terms as above: for example
the agreement shall terminate on 1 May 2012, or such other date as
the parties may agree in writing and Christopher Nightingale has
the right to convert any part of the of the Convertible Loan into
Ordinary Shares of the Company at a price of US$0.03 per share.
The purpose of the increase of the Convertible Loan Facility is
for general working capital purposes. This increase is a "related
party" transaction under the AIM Rules, and accordingly the
independent directors consider, having consulted with the Company's
nominated adviser, that the terms of the transaction are fair and
reasonable insofar as its shareholders are concerned.
ENDS
For further information, please contact:
Richard Lascelles, Director Tel: 020 7408 1067
Roland Cornish, Beaumont Cornish Limited Tel: 020 7628 3396
This information is provided by RNS
The company news service from the London Stock Exchange
END
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