Increase of Convertible Loan Facility (4046Y)
29 Fevereiro 2012 - 12:15PM
UK Regulatory
TIDMALR
RNS Number : 4046Y
Alternative Energy Limited
29 February 2012
For immediate release 29 February 2012
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.
This was increased on 25 February 2011 by an additional
US$1,000,000 on the same terms.
It has been agreed again today, that Christopher Nightingale
will 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 2013, 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.
This brings the total amount provided to the Company under
convertible loans from Christopher Nightingale to US$4,000,000;
approximtaley US$2,900,000 has been drawn down by the Company.
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 (being all the directors with the exception
of Christopher Nightingale) 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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