(Alliance News) - Inspirit Energy Holdings PLC on Thursday said it had entered a short-term unsecured debt facility of up to USD250,000 with Riverfort Global Opportunities PCC Ltd.
The London-based heat and power appliances manufacturer said the facility has a 12-month term and allows for Inspirit to draw down funds which will be repayable within 6 months in either cash or shares.
The proceeds are for "general working capital".
Inspirit will initially be drawing down USD80,000 and will issue Riverfort with warrants valued at 50% of the initial advance at a reference price of around 0.03 pence per share. The warrants will have a term of 48 months and will be exercisable into Inspirit shares at 130% of the reference price, or around 0.04 pence.
The board commented: "This is a good short-term facility providing near-term funding while the engineering team work on the final phase of our waste heat recovery application on which the board will provide further updates in due course."
Shares in Inspirit Energy were trading 8.5% lower at 0.03 pence each in London around midday.
By Chris Dorrell, Alliance News reporter
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Inspirit Energy (INSP)