(Sharecast News) - Waste-heat recovery technology company Inspirit has entered into a short-term, unsecured debt facility of up to $0.25m, it announced on Thursday, under which it would initially draw down $0.08m.
The AIM-traded firm said the facility was with Riverfort Global Opportunities, with the proceeds of the advance to be used for general working capital.
It said the facility carried a 12-month term, and would allow Inspirit to draw down funds repayable within six months in either cash or shares.
The facility would attract 1.5% interest per month based on the value of the outstanding indebtedness payable in cash, and an implementation fee of 6% of any advances if settled in cash or 8% if issued in shares.
"This is a good short-term facility providing near-term funding while the engineering team works on the final phase of our waste-heat recovery application, on which the board will provide further updates in due course," the directors of Inspirit said in their statement.
At 1524 GMT, shares in Inspirit Energy Holdings were down 11.27% at 0.03p.
Reporting by Josh White for Sharecast.com.
Inspirit Energy (INSP)