Loan debt13 Apr 2011 17:18
Proton Power (AIM: PPS), the designer, developer and producer of fuel cells and fuel cell electric hybrid systems, announces that it has agreed with Roundstone Properties Ltd ("Roundstone Properties") to increase by a further €1.62 million the amount of the convertible loan facility announced on 29 April 2009 (the "Convertible Loan") which had previously been increased in November 2009, January 2010, April 2010 and October 2010. All other terms of the Convertible Loan, including the exercise price of 2p (at the exchange rate of 1.08 € per GBP) per Proton Power ordinary share of 1p ("Ordinary Share"), are unchanged and as announced on 29 April 2009.
The Convertible Loan facility is now up to approximately €8.1 million of which €6.48 million have been drawn down and which would be convertible, assuming that the facility is fully drawn down into 350,000,000 new Ordinary Shares. If issued these 350,000,000 shares would represent approximately 65.8 per cent. of the Company's enlarged share capital.