THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU
WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE
(AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON
THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS
DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN
NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED
STATES, AUSTRALIA, CANADA OR JAPAN.
20 February 2024
Cindrigo Holdings
Limited
('Cindrigo' or the 'Company')
£10 Million Convertible Loan
Signed
Cindrigo (LSE:CINH) is pleased to
announce that it has entered into a £10 million convertible
loan agreement (the "Loan Agreement") with TriRi Asset Management
Limited (the "Lender" or "TRAM"), a USA and Canada based investment
firm.
The net proceeds of the unsecured
loan will be used:
-
For the continuing development of the Company's existing geothermal project in
Croatia, Slatina 3;
- As
expansion capital to acquire and establish partnerships for new
projects and licenses, and pre-development capital for such new
projects; and
- To strengthen the organisation and the Company's investor
relations activities in conjunction with its on-going
process of seeking FCA approval for the proposed
application for re-admission of its share capital to the Official
List and to trading on the London Stock Exchange.
Terms of the Convertible Loan
Under the Loan Agreement, the Lender
will provide Cindrigo with a principal amount of £10 million on a
three year term, at an interest rate of 12% per annum which will be
added to the principal amount (the "Loan"). The Loan is agreed to
be paid out in full on 11 March 2024
The Lender has the right to convert
the whole, or part, of the outstanding amount of the Loan
(including interest) at any time up to the end of the term, into
new ordinary shares in Cindrigo at a conversion price equal to a
20% discount to 30-day VWAP of the shares of the
Company.
The Company also has the right to
convert the whole, or part, of the outstanding amount of the Loan
(including interest) commencing nine months after drawdown until
the end of the loan term, into new ordinary shares in Cindrigo at a
conversion price equal to a 25% discount to 30-day VWAP of the
shares of the Company.
Any conversion is subject to a
minimum price before discount of £0.70 per share and a maximum
price before discount of £1.50 per share.
Commenting on the Agreement, Lars Guldstrand, CEO of Cindrigo,
said: "We are grateful for the support shown by
TRAM in providing this £10 million of funding, which will be
instrumental in enabling the continued
development of Cindrigo and for its Slatina 3 geothermal project to
progress further and faster as we commence
deep drilling
following the recent completion of preparatory work
on-site.
"With the Slatina 3 Licence subject to a review in April 2024,
we are confident that we have demonstrated to the Croatian Licence
Authority that sufficient work has been done on the site to prove
the commercial viability of the project to ensure that the Licence
will be extended."
**ENDS**
For
more information please contact:
Cindrigo Holdings Limited
Lars Guldstrand
CEO
+44 (0) 7408 861 667
Hannam & Partners (Financial
Advisor & Corporate Broker)
Samuel Merlin, Sean
Urquhart
+44 (0) 20 7907 8500
St Brides Partners Ltd
(PR)
Paul
Dulieu
+44 (0) 20 7236 1177
Notes:
Tri
Ri Asset Management Corp ("TRAM") is
a global investment firm that was founded in 2019. TRAM is a
concentrated, research-intensive, fundamental value investor in the
public markets. The firm maintains portfolios across five different
asset classes, traditional hedge fund solutions, proprietary
trading, private equity fund, venture fund & a real estate
investment trust.
Cindrigo Group is an active clean baseload power developer engaged in the
renewable energy sector. Its current focus is on the construction
of an initial 20 MW geothermal power plant located in Croatia, but
a number of other projects are also underway, primarily in the
Pannonian Basin of Central Europe.
Cindrigo aims to have contracts in
place for geothermal power plant projects with up to 200 MW of
contracted capacity within a year, up to 450 MW within three years
and 1000 MW by 2030. The financing for each power plant
project will be primarily on a structured project finance basis
within special purpose vehicles for each project.
Cindrigo is in the process of
seeking approval by the FCA of a prospectus in respect of its
proposed application for re-admission to the standard segment of
the Official List and to trading on the Main Market of the London
Stock Exchange.