Amendment of project development loan facility

RNS Number : 6077R

React Energy PLC

12 December 2016

 

12 December 2016

REACT Energy plc

("REACT" or the "Company")

Amendment of the project development loan facility

On 8 January 2016, the Company announced that it had secured a €750,000 loan facility (the "Facility") to finance its project development and working capital requirements from EBIOSS Energy AD ("EBIOSS"). The remaining €175,000 of the Facility has now been fully drawn down by the Company and it has been agreed between the parties that this will be used for the working capital needs of the Company.

It has further been agreed between the parties to the Facility that the terms have been amended such that the Facility has been increased from €750,000 to €1,350,000, with the additional €600,000 to be used for the working capital needs of the Company, and that the date that EBIOSS may demand repayment of the Facility has been extended from 7 January 2017 to 7 January 2018.  Any subsequent drawdowns of the additional €600,000 will be made as and when required to minimise finance costs.

All other terms of the Facility remain the same.

For further information:

REACT Energy plc Gerry Madden / Brendan Halpin	[phone]
Strand Hanson Limited - Nomad & Broker James Harris / Richard Tulloch / Ritchie Balmer	[phone]

About REACT:

REACT Energy plc is committed to operating clean electricity and heat generation plants in the UK and Ireland. The Company seeks to identify, build, own and operate renewable projects and possesses significant knowledge of energy markets, clean technologies, fuel sources, project development, project finance and project delivery. REACT currently has four operational clean energy plants generating revenue from the sale of electricity and heat. The generation of clean electricity and heat from sustainable sources has the potential to address the key energy challenges of energy security and carbon commitment and provide strong returns on capital employed.

The Company is quoted on AIM and trades as REAC. Further information on the Company can be found at www.reactenergyplc.com.

 

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