(Alliance News) - AMTE Power PLC on Tuesday announced that an unnamed potential new equity investor proposed to buy a large stake in the company.
Shares in AMTE Power surged to 11.50 pence per share from 5.13p just before the release.
The London-based lithium-ion and sodium-ion battery cells developer and manufacturer said it secured a GBP1.0 million loan facility with global asset manager Arena Investors LP. Funds under the facility will be made available to AMTE in two equal tranches of GBP500,000 each, with the first being drawn down in two business days.
The loan facility aims to provide enough time for the company and a potential new equity investor to complete a proposed initial equity investment of GBP2.5 million, with the equity investor buying 147.1 million shares for 1.7 pence per share, which would result in the investor holding 80% of the enlarged issued share capital.
The investor "intends to implement a financial solution" for AMTE, the company said.
AMTE expects the subscription to be completed at the end of September.
By Tom Budszus, Alliance News reporter
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