ALO.L Regulatory News (ALO)

3 Jan 2007 09:08

Cue Energy Plc03 January 2007 3 January 2007 CUE ENERGY PLC (the "Company") Facility Agreement - GTL Corporation Pty Ltd The Board of Cue Energy plc announces that on 2 January 2007 they entered into afacility agreement with GTL Corporation Pty Ltd ("GTL") to provide funding forthe evaluation and exploitation of Polymer Electrolyte Membrane (PEM) Technologyfor fuel cells and electrolysers, as contemplated under GTL's commercialisationagreement with the Commonwealth Scientific and Industrial Research Organisationof Australia ("CSIRO"). Under the terms of the facility agreement, funds provided will be used toadvance PEM Technology, file patent applications to protect the intellectualproperty and commence the commercialisation planning of various applications. The Company has agreed to provide a short term drawdown facility to GTL in£50,000 tranches of up to £500,000, bearing interest of 9% accrued daily. The facility agreement also provides for the conversion of the total balanceoutstanding under the facility, into equity in GTL at a rate of 1% for each£50,000 of the outstanding balance. For further information please contact: Jade Styants / Toby Howell Gavin Burnell Daniel Briggs Cue Energy Plc Ruegg & Co Hichens, Harrison & Co Plc Ph: +44 (0) 20 7932 2427 Ph: +44 (0) 20 7584 3663 Ph: +44 (0) 20 7382 4450 This information is provided by RNS The company news service from the London Stock Exchange