Convertible Loan

RNS Number : 4799D

Hydrogen Utopia International PLC

20 October 2022

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY  OR INDIRECTLY, IN OR INTO OR FROM   THE UNITED STATES,  AUSTRALIA, CANADA, JAPAN, OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

 20 October 2022

Hydrogen Utopia International PLC

 (the "Company" or"HUI")

Convertible Loan

HUI is pleased to announce that it has entered into a convertible loan facility (the" Convertible Loan Facility") with Conrad Griffiths as lender (the "Lender") in respect of an advance of EUR 650,000 (the "Advance"). Conrad Griffiths currently owns 9.45% of the ordinary share capital of the Company.

As a substantial shareholder, Mr Griffiths, a King's Counsel (KC) barrister based in Turks and Caicos which is a US$ based economy, is keen to see the rapid development of HUI's business. Wishing to take advantage of current currency exchange rates, Mr Griffiths offered to provide the Company with further funds for future investment purposes. From HUI's perspective, the Board believes that the terms offered under the Convertible Loan Facility are attractive. Consequently the Board and Mr Griffiths have agreed terms which provide HUI with access to immediate funds under the Convertible Loan Facility.

The Convertible Loan Facility is interest free until 31 December 2022. Thereafter interest on the Advance accrues at the rate of 5% per annum. The Advance together with  accrued interest is  repayable  on 31 December 2025 (the "Repayment Date"). HUI may prepay the Advance in full at any time by giving the Lender 10  business days notice, at which point the Lender may choose instead to exercise his conversion rights.

The Lender may convert the Advance and accrued interest at any time up to and including the Repayment Date into fully paid HUI ordinary shares of 0.1p each at a conversion price of 20p perHUI ordinary share. The conversion price between EUR and GBP for this purpose has been fixed at €1.14 to each £1.

The Advance will be used to provide further working capital and/or to fund the Company's investment capital requirements.

The Directors believe that agreement of the Convertible Loan Facility is in the best interests of the Company and its shareholders and, having exercised reasonable care, skill and diligence, consider the Convertible Loan Facility to be fair and reasonable as far as HUI's shareholders are concerned.

The directors of HUI accept responsibility for this announcement.

For more information about the Company, please refer to our website: www.hydrogenutopia.eu

For further information please contact:

Hydrogen Utopia International PLC

Aleksandra Binkowska/Guy Peters 

[phone] 

Alfred Henry Corporate Finance Limited (AQSE Corporate Adviser)

Jon Isaacs 

[phone] 

Novum Securities Limited (Broker)                                                                  

Jon Belliss/Colin Rowbury 

[phone]

About Hydrogen Utopia International PLC

HUI aims to become one of the leading new European companies specialising in turning non-recyclable mixed waste plastic into carbon-free fuels, new materials or distributed renewable heat.

A HUI facility uses non-recyclable mixed waste plastic as feedstock and turns it into syngas from which new products and energy can be produced. HUI anticipates that its revenues will be derived from a variety of sources, dependent upon location and configuration of the HUI facilities, including the sale of syngas, hydrogen and other gases, electricity and heat sales, and the payment to it of fees for a given quantity of non-recyclable mixed waste plastic received at a HUI facility.

HUI will target areas where there is significant private sector interest or potential, financial backing is accessible and or where substantial EU and/or government funded sources of grants and loans are or may be available. The global increase in fossil fuel-based energy prices reinforces the need for alternative, price competitive energy sources, which HUI's business model can provide.

The pressing need to deal with growing amounts of waste plastic combined with a real momentum in the use of hydrogen from renewable sources may pave the way for a rapid deployment of and investment in HUI facilities.

 

END

 

 

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