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Vycon Inc (VYCO)

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Wednesday 24 December, 2008

Vycon Inc

Update on Convertible Loan No

RNS Number : 7683K
Vycon Inc
24 December 2008
 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN


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.  On 3 December 2008 the Company extended the offer to 23 December 2008.  The Company will not be further extending the offer period. Accordingly, the offer period is now closed.


The Board of Vycon announcethat at 10.00 a.m. on 23 December 2008 the Company had received applications to subscribe for a total of US$3.2 million under the Offer.  Accordingly Convertible Loan Notes with a nominal value of $3.2 million and approximately 4.1 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 2 January 2009. 





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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