React Energy PLC Loan facility further drawdown (9254Y)
23 May 2016 - 4:00PM
UK Regulatory
TIDMREAC
RNS Number : 9254Y
React Energy PLC
23 May 2016
23 May 2016
REACT Energy plc
("REACT" or the "Company")
Loan facility further drawdown
On 8 January 2016 REACT, the renewable energy developer and
operator focusing on the production of clean energy in the UK and
Ireland, announced that it had secured a EUR750,000 loan facility
(the "Facility") from EBIOSS Energy AD ("EBIOSS").
The terms of the Facility stated that the Company would use the
proceeds solely to fund the development costs associated with the
Company's identified biomass gasification projects in the UK.
However, as announced on 16 March 2016 the parties to the Facility
agreed to amend the terms of the Facility such that the proceeds
from the second tranche, amounting to, in aggregate, EUR250,000, to
be drawn down by the Company could be used for the working capital
needs of the Company as well as for project development costs, at
the sole discretion of the Company.
Following the amendment to the Facility, the Company drew down
EUR150,000 of the second tranche, which is being used for the
working capital needs of the Company and the Company announces
today that it has drawn down the remaining EUR100,000 of the second
tranche, which will be used to fund project development costs.
Accordingly, a further EUR250,000 is available pursuant to the
Facility, which can be used for project development costs, and the
parties have agreed that all subsequent drawdowns will be made as
and when required to minimise finance costs.
For further information:
REACT Energy plc
Gerry Madden / Brendan
Halpin +353 (0)21 2409 056
Strand Hanson Limited
- Nomad & Broker
James Harris / Richard
Tulloch / Ritchie Balmer +44 (0)20 7409 3494
About REACT:
REACT Energy plc is committed to operating clean electricity and
heat generation plants in the UK and Ireland. The Company seeks to
identify, build, own and operate renewable projects and possesses
significant knowledge of energy markets, clean technologies, fuel
sources, project development, project finance and project delivery.
REACT currently has four operational clean energy plants generating
revenue from the sale of electricity and heat. The generation of
clean electricity and heat from sustainable sources has the
potential to address the key energy challenges of energy security
and carbon commitment and provide strong returns on capital
employed.
The Company is quoted on AIM and trades as REAC. Further
information on the Company can be found at
www.reactenergyplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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