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) bridges the gap between the current high emission reality and the zero-emission world of the future. ECT's technology aims to play a key role in the transitional pathway to net zero by utilising abundant low rank and waste fuel sources in a new, clean way. ECT's technology suite creates clean and reliable applications and products for the energy, agricultural and industrial sectors.
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