LONDON (Alliance News) - REACT Energy PLC on Monday said it has drawn down the remaining EUR175,000 of its EUR750,000 loan facility with EBIOSS Energy AD, and increased the total size of the loan.
The EUR750,000 loan facility was secured in January to finance REACT's project development and working capital requirements.
On Monday, REACT said it has increased the size of the facility to EUR1.35 million, with the additional EUR600,000 to be used for working capital needs. The date for repayment has also been extended to January 7, 2018, from January 7, 2017.
"Any subsequent drawdowns of the additional EUR600,000 will be made as and when required to minimise finance costs," REACT said.
Shares in REACT were trading down 15% at 1.00 pence on Monday afternoon.
By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.