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Refinance for Italy Market Development Centre
This update follows the Company's announcement on 4 September 2023 that it had entered into a loan facility of €2.9 million (the "Facility") with Banca del Fucino S.p.A. (the "Lender") to refinance the Plant.
The Company can now confirm that it has successfully completed all performance improvements and achievement of performance criteria set by the Lender. The Lender has not been available to visit the Plant prior to the holiday period in December 2023, however it has now arranged to visit in early January 2024. The Company expects to be able to draw down the amount of the full Facility shortly after that visit, and will make a further announcement accordingly.
The Plant became operational in March 2023 and EQTEC completed handover protocols and transfer of plant operations to EQTEC Italia MDC Srl ("Italia MDC") in June 2023. The Company remains actively involved with supporting Italia MDC in its endeavours to drive more productive and continual operations.
London, 19 December 2023, Hellenic Dynamics Plc (LSE: HELD), a medical cannabis cultivator with a dedicated focus on producing tetrahydrocannabinol ("THC") dominant strains of medical cannabis flowers for the fast growing European medical cannabis markets, announces that it has entered into a five year memorandum of understanding ("MOU") with The University of Patras, Greece.
Under the terms of the MOU, the Company and the Laboratory of Molecular Pharmacology, Department of Pharmacy of The University of Patras intends to enter into and collaborate to develop joint scientific research projects. It is Hellenic Dynamics' intention that the collaborative projects will focus on cannabis-based molecules to be used for clinical trials with a view to cultivate plants to be used by large pharmaceutical companies.
The Laboratory of Molecular Pharmacology is headed by Professor Evangelia Papadimitriou who among other roles has served as Chairman of the Committee for listing reimbursed medicinal products in Greece and has been a member of various committees, including the Hellenic Central Board of Health (Ministry of Health), in medicine-related matters. Evangelia is also served as a member of the Hellenic Society of Basic and Clinical Pharmacology.
The primary areas of research of the Laboratory of Molecular Pharmacology, headed by Professor Papadimitriou Evangeli, are focused on pharmacological mechanisms that can be potentially targeted therapeutically, and play a role in the pathophysiology of both endothelial cells and smooth muscle cells of the arterial wall, as well as in physiological and cancer angiogenesis, specifically tumour growth and anti-tumour activity.
Davinder Rai, CEO of Hellenic Dynamics, commented: "The Laboratory of Molecular Pharmacology at The University of Patras is well known for its advanced research into cancer and into medical cannabis. This five year agreement allows Hellenic Dynamics and its partners the opportunity to work with The University of Patras on the advancement of cannabis-based molecules through various stages of clinical trials with shared data.
Mike Buck, CEO of Petro Matad, said:
"On the land issue, we feel that we are almost there, but we will keep pushing until the process is complete. In the absence of any recent precedents, every step has been something new for the Government which has caused delays. We will certainly be ready to operate at the end of the winter stand down when we expect the long running saga of land access to be fully resolved."
Key Company Updates
· The Company continues to push the Government to complete the regulatory formalities to guarantee land access and allow completion operations at Heron 1 to commence. Significant progress has been made with the Matad District authorities with one outstanding issue at the Provincial level still to complete.
· The slow bureaucratic process to complete the special purpose land certification has prevented any in-field well completion operations but the winter hiatus provides time to complete the formalities which will allow operations to commence as early as possible at the start of the operational season in 2024.
· The Company has completed the restoration of the Heron-1 drilling location in preparation for mobilization of well completion equipment.
· The 2022/23 Exploration Tender Round continues with Petro Matad being confirmed as the selected contractor on the two blocks for which it submitted applications.
· The renewable energy JV, SunSteppe Renewable Energy, continues to make progress on two projects and is pursuing three others.