TIDMALR

RNS Number : 1882J

Alternative Energy Limited

09 June 2014

For immediate release 9 June 2014

ALTERNATIVE ENERGY LIMITED

("AEL" or the "Company")

Draw-down of Convertible Note Programme

Further to the announcement released on 15 May 2014 in relation to the re-execution of the subscription agreement pertaining to the Convertible Note Programme ("Programme"), the Board of AEL (AIM: ARL.L) announces that on 27 May 2014 Advance Opportunities Fund (the "Subscriber") elected to convert sub tranches one, two and three of the Tranche 1 Notes, constituting an aggregate principal amount of GBP75,000 into ordinary shares of the Company ("Ordinary Shares"), following the draw-down of such amount by the Company for general working capital purposes. Under the terms of the Programme the sum of GBP75,000 converts into 15,368,852 Ordinary Shares at a floating conversion price of GBP0.00488.

In addition, on the 27 May 2014, the Subscriber agreed to receive its first commitment fee of GBP125,000 (payable by the Company on the closing date of the first sub-tranche of the Tranche 1 Notes) in Ordinary Shares based on the latest closing price of 23 May 2014 of GBP0.0125. In consideration of this first commitment fee the Company will issue 10,000,000 Ordinary Shares to the Subscriber.

In respect of the above the Company has now applied for a total of 25,368,852 new Ordinary Shares, which will rank, pari passu, with all existing ordinary shares in the Company, to be admitted to trading on AIM, with dealings expected to commence on or around 16 June 2014.

TVR

Following the issue of the new Ordinary Shares as described above, the Company's issued share capital will consist of 2,326,901,296 Ordinary Shares with voting rights. The Company also holds 1,922,966 Ordinary Shares in treasury and these shares have no voting rights. Therefore the total number of Ordinary Shares in the Company with voting rights is 2,326,901,296 and this figure may be used by shareholders at the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company.

Further announcements of draw-down in accordance with this Programme will be made as and when required.

For further information please see the Company's website: www.alternativenergy.com.sg or please contact:

 
ALTERNATIVE ENERGY LIMITED 
 Richard Lascelles, Independent Non-executive Director  Tel: +44 (0) 20 7408 1067 
  Eric Goh, Executive Director                           Tel: +65 68737782 
 
BEAUMONT CORNISH LIMITED (Nomad) 
 Roland Cornish and Emily Staples                       Tel: +44 (0) 20 7628 3396 
PETERHOUSE CORPORATE FINANCE (Broker) 
Lucy Williams                                           Tel: +44 (0) 20 7469 0930

This information is provided by RNS

The company news service from the London Stock Exchange

END

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