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Crowd for Angels (UK) Limited Loan

1 Jun 2021 07:00

RNS Number : 3043A
Verditek PLC
01 June 2021
 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (MAR), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

1 June 2021

 

Verditek PLC

("Verditek" or the "Company")

Crowd for Angels (UK) Limited Loan

Verditek plc, (AIM:VDTK), the international green technology company that develops, manufactures and sells lightweight solar panels, is pleased to announce that it is issuing a corporate "green" bond to raise up to £500,000. 

The bond, yielding 7%, is being issued through crowdfunding platform Crowd for Angels, which is underwriting the first £225,000. The bond term is two years and interest will be paid quarterly. Security will be by way of a floating charge on the assets of the company. Verditek will also issue to Crowd for Angels 10 warrants for each £1 invested for a term of 36 months to subscribe for new ordinary shares at the closing bid price immediately prior to the date of the Loan Note agreement. The closing bid price on 28 May 2021 was 3.1p.

In addition, one of Verditek's non-executive directors is entering into a bond with similar terms for £25,000 directly with the Company. Gavin Mayhew's participation in a bond constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules.

The independent directors consider, having consulted with the Company's nominated adviser, WH Ireland, that the terms of Gavin's participation in a bond are fair and reasonable insofar as the Company's shareholders are concerned.

Verditek will use the proceeds of the bond issue principally to provide additional working capital.

The pitch can be accessed via the following link: https://crowdforangels.com/company/plc/verditek-plc-1054 

 

Verditek CEO Rob Richards commented: "Verditek has a strong pipeline of potential projects and we are seeking additional working capital of up to £500,000 of which half has already been committed"

 

Crowd for Angels CEO Andrew Adcock said: "The green revolution is upon us and we are proud to be part of it with the issue of this bond. More and more investors are now looking to back companies that are environmentally friendly and Verditek is one of those."

 

For further information:

Verditek plc 

 

Rob Richards, CEO

Tim Bowen, CFO

 

WH Ireland Limited - NOMAD and Broker

Tel: +44 (0)20 7129 1110

Chris Hardie

Matthew Chan

 

Tel: +44 (0)20 7220 1666

Crowd for Angels

 

Andrew Adcock, Chief Executive

Tel: +44 (0)20 7437 2413

 

About Verditek plc:

AIM listed Verditek plc is a holding company with three businesses operating within the green technology sector. The Company is focused on commercializing our lightweight low-profile solar panel business. With manufacturing based in Lainate Italy, we have developed renewable power solutions for our customers, that drive solar energy into applications previously unachievable. The exceptional properties of our solar panels replace diesel fuel in business such as perishable goods transport, off-grid telecommunication towers, electric vehicle charging stations, residential and holiday home power solutions and solar roofing for light-weight industrial roofing. In addition to our current PV panels in production, we have partnered with an outstanding leader in graphene technology, Paragraf. We are working together to engineer the technology for commercialization.

Verditek provides compelling commercial solutions that help to make our customer's businesses sustainable.

For more information please visit: https://verditek.com/

 

 

About Crowd for Angels

Crowd for Angels is one of the UK's leading crowdfunding platforms for shares, crowd bonds and digitalised assets. Our goal is to bring innovative and appealing products to investors and to provide funding for companies throughout their growth cycle. We help companies raise funds through the issue of shares and bonds on our regulated crowdfunding platform.

Our investors get the opportunity to invest in shares in a tax efficient manner through the use of SEIS/EIS tax relief and through Bonds that can be held in a tax free IF-ISA wrapper. We never charge our investors any fees and companies looking for investment only pay if the funding is a success.

For further information please visit: https://crowdforangels.com

 

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