Melbourne, Nov 19, 2008 AEST (ABN Newswire) - Environmental Clean Technologies Limited (ASX:ESI) confirms that documentation to establish the A$10M Zero Coupon Convertible Note facility with Pacific Capital Value Fund has now been executed.
ECT Chief Executive Kos Galtos said; "finalisation of the documentation surrounding the convertible note and the strong support given by key shareholders in the provision of shares to underpin the convertible notes, gives me enormous confidence that ECT can achieve its strategic objectives and provide the increase in value that shareholders deserve."
"The negotiation of the commercial terms of the subscription agreement and associated documentation has not been easy," Mr Galtos said, "but ECT is most appreciative of the timely commercial guidance it has been given by its lawyers, Deacons, and by Phillip Capital."
"We can now focus on the planning for commencement of the 150,000 t.p.a. Coldry production plant, knowing we have achieved solid cost cutting outcomes and have funds available for our short to medium term operations. The future is very exciting."
About Environmental Clean Technologies Ltd
Environmental Clean Technologies Limited (ASX:ECT) is in the business of commercialising leading-edge coal and iron making technologies, which are capable of delivering financial and environmental benefits.
We are focused on advancing a portfolio of technologies, which have significant market potential globally.
ECT's business plan is to pragmatically commercialise these technologies and secure sustainable, profitable income streams through licencing and other commercial mechanisms.
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