22 Feb 2016 07:00
INFINITY ENERGY S.A - Convertible Loan FacilityINFINITY ENERGY S.A - Convertible Loan Facility
PR Newswire
London, February 19
Infinity Energy S.A.
("Infinity Energy" or the "Company")
Convertible Loan Facility
Infinity Energy is pleased to announce that it has secured a convertible loan facility for up to £400,000 (“Loan Facility”) from Mr Gerwyn Williams, the Company’s Chief Executive Officer. The new Loan Facility replaces the previous loan facility of £300,000. The funds will be used for investment and general working capital purposes.
The key terms of the Loan Facility are as follows:
the total facility is £400,000; the drawn down loan amount bears interest at rate of 6% per annum; the drawn down loan amount is convertible at the discretion of Mr Williams at a price of £0.0009 per share in the event that the Company completes a reverse takeover transaction; and should a reverse takeover transaction not be complete by 30 November 2016, the outstanding loan amount less an agreed contribution towards any abort costs in relation to a reverse takeover transaction is to be repaid or converted in whole or in part at Mr Williams’ discretion at a price of £0.0009 per share.Mr Williams is a director of the Company and currently owns 102,772,728 shares in Infinity Energy representing an interest of 29.1% in the Company. The Loan Facility therefore constitutes a related party transaction. The Directors, having consulted with the Company’s Nominated Adviser, Cairn Financial Advisers LLP, consider that the terms of the loan facility are fair and reasonable insofar as the Company’s shareholders are concerned.
For further information, please contact:
| Infinity Energy S.A. Gerwyn Williams Bruce Vandenberg | Tel: +44 7889 677 397 Tel: +44 7899 791 726 |
| Nomad Cairn Financial Advisers LLP Sandy Jamieson James Caithie | Tel: +44 207 148 7900 |
| Broker WH Ireland Limited Paul Shackleton / Nick Prowting | Tel: +44 207 220 1666 |