PET Loan Refinancing and Extension

RNS Number : 5878C

Curzon Energy PLC

23 February 2022

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

Curzon Energy Plc
("Curzon" or the "Company")

23 February 2022

PET Loan Refinancing and Extension

Curzon Energy Plc (LON:CZN), the London Stock Exchange listed company, announces a refinancing and extension of the outstanding loan between Poseidon Plastics Limited ("PET") and the Company. 

Loan Refinancing and Extension

As announced on 3 February 2021, Curzon and PET have entered into a loan agreement by which a facility of £500,000 was made available to fund the ongoing expenses of the business as well as to fund a period of exclusivity.  This original facility was due for repayment on 14 February 2022 and during the course of the year, £485,000 was drawn down under the agreement. 

The Parties have now agreed to increase the size of the facility by £245,000 and to refinance all outstanding amounts as well as any further amounts to be drawn down under the amended facility, to 14 February 2023.  All amounts drawn down currently and under the amended facility shall continue to accrue interest at the rate of 10 percent per annum.

The purpose of the loan is to fund an ongoing period of exclusivity, now extendable until 30 September 2022 as required, during which the parties are working on a potential transaction, which if completed, would constitute a reverse takeover under the Listing Rules.  The parties continue to work towards the execution and delivery of a definitive purchase agreement, contemplating a reverse takeover of Curzon by PET ("RTO") which, will be conditional upon receipt of the required regulatory approvals from the FCA and its primary market functions, among other matters.   

About Poseidon Enhanced Technologies

Poseidon aims to provide the lowest-cost solution for the food and beverage industry to achieve its goal of reducing the use of virgin PET* and single-use plastics.  Poseidon's mission is to convert waste PET into 100% recycled feedstock for the global food-grade PET packaging and fibre industries, utilising its patented environmentally-friendly chemical recycling process.

Poseidon's proprietary chemical recycling technology is designed to process all 'waste' PET plastic, including previously unrecyclable plastics such as coloured bottles, trays, fibre and films, converting them directly into Poseidon rBHET™, an interim feedstock for the global PET industry, thereby completing a Circular Economy.  Poseidon is currently developing its recycling technology at its facilities at Teesside, UK and is planning an industrial scale roll-out which is expected to be facilitated by the listing process and an associated capital raise.   

For further information please contact:
Curzon Energy Plc	[phone]
Scott Kaintz
www.curzonenergy.com
SP Angel Corporate Finance LLP	[phone]

Broker

 

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