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Hydrodec Seeks Financing As Non-Executive Director Continues Support

Tue, 24th Dec 2019 09:58

(Alliance News) - Hydrodec Group PLC said Tuesday it has continued to explore financing options as part of its turnaround programme since the first half of 2019, including the re-financing of its oil re-refining plant in Canton, Ohio.

During this time, the industrial oil re-refining firm said it has continued to receive financial support from Non-Executive Director Andrew Black, who has provided USD1.3 million in cash since the end of June.

The terms for this loan, and the extension of existing loans have yet to be agreed on, but Hydrodec expects to come to an agreement by January.

Shares in Hydrodec - which is based in London - were 11% lower at 10.00 pence on Tuesday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

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