LONDON (Alliance News) - Inspirit Energy Holding PLC Friday said that it has entered into an GBP472,000 financing equity swap agreement with YA Global Master SPV Limited, a fund managed by US-based alternative investment manager, Yorkville Advisors.
The company, which invests in renewable energy through the development of environmental or renewable-energy products and services, said that the agreement accounts for 16.9 million new ordinary shares at a price of 2.8 pence per share, totalling GBP472,000.
It said that under the agreement, YA Global Master will not dispose of any of the shares acquired under the agreement for an initial two month period.
The company is pursuing the development and commercialisation of a micro combined heat-and-power appliance for use in commercial and residential markets.
"This funding with YAGM...will be allocated towards the development of the company's revolutionary Inspirit micro combined heat and power (mCHP) boiler which can simultaneously generate 15 kilowatts of heat and 3 kilowatts of electricity at an overall efficiency of 92%," said Chief Executive John Gunn in a statement.
Inspirit Energy said that the agreement is in return for a payment of twelve monthly settlement payments, each GBP236,000.
Its shares were up 1.8% Friday morning at 2.85 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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Inspirit Energy (INSP)