Fundraising
28 8월 2007 - 4:04PM
UK Regulatory
RNS Number:8308C
Prometheus Energy Co
28 August 2007
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND, THE
REPUBLIC OF SOUTH AFRICA OR JAPAN.
Neither this announcement nor any copy of it may be taken, transmitted or
distributed, directly or indirectly, in or into the United States, Canada,
Australia, the Republic of Ireland, the Republic of South Africa or Japan. Any
failure to comply with this restriction may constitute a violation of United
States, Canadian, Australian, Republic of South Africa, Republic of Ireland or
Japanese securities laws.
Prometheus Energy Company
("Prometheus" or the "Company")
Prometheus raises $15 million through Convertible Debenture
to Advance Project Development and Support Working Capital Needs
August 28, 2007
The Board of Prometheus, the alternative and renewable energy company, announces
today that the Company has entered into a convertible loan agreement with Black
River Commodity Clean Energy Investment Fund LLC, a fund managed by Black River
Asset Management LLC, a global asset management company ("Black River").
The proceeds of the issue will be used to develop liquefied natural gas (LNG)
production facilities in Orange County, Merced County and Madera County,
California and at the Krupinski coal mine in Poland; to further develop
infrastructure for the storage and transportation of LNG; and for general
corporate purposes.
The $15,000,000 secured convertible debentures ("Debentures") were issued at par
and are automatically convertible into the common shares ("Common Shares") of
the Company in three tranches of $5,000,000 each. Black River may also
voluntarily convert its debenture at any time. The conversion price for any
voluntary conversion and the first tranche is the lesser of (a) 45 pence, (b) 80
per cent of the price at which the Company may issue Common Shares in a
subsequent share offering ("Offering"), and (c) the volume weighted average
price of the Common Shares for the 30 trading days immediately following the
Offering. The conversion prices of the subsequent two tranches of the Debentures
are based on the conversion price of the first tranche, the timing of any
Offering and the Company meeting certain performance milestones.
The interest payable on the Debentures is 15 per cent per annum. The term of the
Debentures is twenty months. The Debentures may be redeemed at any time upon 5
trading days notice at a price which provides an internal rate of return to
Black River of 30 per cent (including paid and accrued interest). Upon notice of
early redemption, Black River may exercise its conversion rights.
Black River has the right for the first 60 days after closing to subscribe for
an additional $10,000,000 Debentures on the same terms as the initial
subscription or thereafter prior to 180 days after closing to purchase
$10,000,000 of common shares at a price per share equal to 90 per cent of the
volume weighted average share price for the 30-trading days immediately prior to
the additional investment.
Hybridan LLP acted as Placing Agent and Jefferies International Limited acted as
Financial Adviser to the Company on the issue of the Debentures.
Kirt Montague, Prometheus' Chief Executive Officer, said: "There is no shortage
of opportunities for Prometheus and we are pleased to have access to additional
funding to help us make best use of the most attractive of these opportunities.
We also are excited about potential commercial opportunities that may arise out
of our developing relationship with Black River. We continue to build our
portfolio of methane sources with supply arrangements now in place at four sites
in California and one in Poland."
For further information, please contact:
Prometheus Energy Company +1 206 267 0800
Kirt Montague (Chief Executive Officer)
Jeff Spencer (Chief Financial Officer)
Jefferies International Limited +44 20 7618 3500
Charles Cameron
Oliver Griffiths
Panmure Gordon +44 0207 459 3600
Amer Khan
Hybridan LLP +44 20 3159 5085
Claire Noyce
Stephen Austin
Cubitt Consulting +44 20 7367 5100
Simon Brocklebank- Fowler
Michael Henman
Allison Reid
This press release does not constitute an offer for the sale of securities in
the United States. Prometheus' securities are restricted under United States
securities laws and may not be offered or sold in the United States absent a
registration statement or a valid exemption from registration.
Notes to Editors
Prometheus Energy Company is a public corporation with its shares traded on the
London Stock Exchange's AIM market. It is headquartered in Seattle, Washington.
Prometheus is a global alternative and renewable fuel company, specialising in
the production, distribution, and sale of liquid natural gas (LNG) from low-cost
waste and stranded sources of methane. The Company is an emerging leader in
distributed fuel production, integrating small-scale purification and
liquefaction systems that generate fuel near the end-user. For more information
concerning Prometheus please contact the company at +1 206 267-0800 or at
Info@Prometheus-Energy.com
Black River Asset Management, an independently managed subsidiary of Cargill, is
a global asset management company with 11 offices in 10 countries and more than
20 years of experience. Black River provides qualified investors with
alternative investment strategies. It offers a wide range of developed and
emerging market investment products supported by experienced investment
professionals, rigorous risk processes and a well-established global
infrastructure.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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