RE: GAME CHANGING NEWS25 Jul 2018 00:24
In English....Boom
SIGNING OF THE AGREEMENT BETWEEN EBIOSS, THE MAIN BONDHOLDERS OF THE COMPANY AND
BLACK TORO CAPITAL TO ACCELERATE ITS PLAN FOR INTERNATIONAL EXPANSION
Last February 28, 2018, Ebioss Energy published two relevant facts in which it announced the signing of a letter of intent with Black Toro Capital (“BTC”) by which the latter party expressed its interest in analyzing a potential investment in the company to accelerate and consolidate its international expansion plan, supported by the technologies that this party has developed in recent years and the growing potential of the sector in which it operates.
The support of BTC to help drive our expansion and to acquire the necessary resources for these ends represents a qualitative leap for the Company in its international competitiveness, a vote of confidence in the strategy deployed to this date, and a top level reinforcement for the purpose of accelerating our expansion and bring it to fruition in the shortest possible time, in the form of the creation of value for our customers, employees, suppliers, partners, shareholders and investors.
As of today, and after the relevant facts that were announced regarding the positive evolution of the talks between the two companies, an agreement has been signed between the company, the major bondholders, and BTC (the “Agreement”)- to facilitate the financing and give the company the means necessary to fulfill their project-related and business commitments, in this way supporting its geographic growth in the markets in which it operates.
It is important to emphasize that the major bondholders, who represent the majority of the debt held by the company, have signed to the Agreement, offering to assess the easing of the conditions of its collection; thus also contributing significantly to the consolidation of the group and the visibility
of its expansion plan.
In this process, BTC has provided the necessary funding to enhance the existing projects and commercial agreements over the course of its international expansion, by means of an additional loan of 4,000,000 euros at 15% PIK and a maturity of three years, to be formalized and disbursed before 11:59 p.m. on July 31, 2018 (the “Condition Precedent” of the Agreement, if this is not the case). Similarly, 1,000,000 euros of the loan announced in the relevant fact of the 28th February has been novated under these same conditions. As a guarantee of these loans, the company has pledged the shares of its subsidiaries.
In addition, an independent expert of renowned international prestige has been commissioned to carry out a feasibility study and the determination of the capital needs and the debt that is sustainable by the company. On the basis of this analysis and its results, the Company, in conjunction with BTC and the main bondholders, shall define the restructuring of the current debt of the Company, which will determine the needs for
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