Symphony Environmental Technologies PLC - Hertfordshire-based developer of technology to make plastic biodegradable - Enters into an additional convertible loan agreement with Sea Pearl Ventures Ltd. Says the key terms of the loan are similar to the previous GBP1.0 million convertible loan announced in March. Notes that GBP500,000 will be drawn down immediately, and a further GBP500,00 on or before March 31. Interest on the loan will accrue at 7% per year.
"The proceeds of the loan will be used to strengthen the group's cash position for ongoing working capital purposes and will further support the group to deliver on its many commercial opportunities," Symphony says.
Sea Pearl is based in the Bahamas, and is currently interested in 17.4% of Symphony's issued share capital.
Current stock price: 5.33 pence
12-month change: down 62%
By Sophie Rose, Alliance News reporter
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Symphony Env. (SYM)