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Vycon Inc (VYCO)

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Wednesday 03 December, 2008

Vycon Inc

Update on Convertible Loan No

RNS Number : 5125J
Vycon Inc
03 December 2008
 



Vycon, Inc.


Update on Convertible Loan Notes issue



Vycon, Inc. ('Vycon' or the 'Company'), the designer and manufacturer of high-speed flywheel based, environmentally friendly energy storage systems, announced on 10 November 2008 that it proposed to raise new funds by way of a subscription for new Convertible Loan Notes. Shareholders were initially given 21 days until 2 December 2008 to subscribe under the terms of the Offer.


The Board of Vycon announces that at 10.00 a.m. on 2 December 2008 the Company had received applications to subscribe for a total of US$2.5 million under the Offer.  Accordingly Convertible Loan Notes with a nominal value of $2.5 million and approximately 3.2 million Warrants have been issued pursuant to the Offer.  The certificates for the Convertible Loan Notes and Warrants will be dispatched by no later than 12 December 2008. 


The Company remains in discussions with a number of existing shareholders ('Qualifying Stockholders' under the Offer) who have expressed an interest in investing pursuant to the Offer. The Board therefore considers it appropriate to extend the Offer to facilitate these discussions.  


The Offer will now close at 10.00am on 23 December 2008 unless previously closed or extended.



Enquiries:

Vycon, Inc.


Vatche Artinian

 001 310 741 1444

Craig Glynn

 001 714 386 3800



Smith & Williamson Corporate Finance Limited


Barrie Newton

+44 (0)117 376 2117

Nick Reeve

+44 (0)117 376 2100

Martyn Fraser

+44 (0)117 376 2062



Cardew Group


Rupert Pittman

+44 (0)20 7930 0777

Shan Shan Willenbrock




This information is provided by RNS
The company news service from the London Stock Exchange
 
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