5th Tranche Admission of Private Financing Package
04 Febrero 2009 - 1:00AM
UK Regulatory
TIDMCAP TIDMCTSU TIDMCTS
RNS Number : 7343M
Clean Air Power Limited
04 February 2009
+------------------------------------+----------------------------------------+
| For Immediate Release | |
| | 4 February 2009 |
+------------------------------------+----------------------------------------+
Clean Air Power Ltd
("Clean Air Power" or "the Company")
Fifth Tranche Admission of Private Financing Package
Clean Air Power Limited (AIM: CAP), the developer of Dual-FuelTM combustion
technology that enables heavy-duty diesel engines to run on a combination of
both diesel and natural gas, is pleased to announce that further to its press
release on 13 March 2008 regarding its private financing package, it has now
completed the fifth financing tranche of GBP0.5m. Application has been made for
admission to trading of 2,143,272 Common Shares ("Placing Shares") in relation
to this fifth tranche and admission is expected to occur on or about 6 February
2009.
Following admission of the Placing Shares, Clean Air Power will have 44,333,910
Common Shares of US$0.001 each in issue, of which Endeavor Capital Management
LLC ("Endeavor") will hold 18,628,461 Common Shares representing 42.02% of the
enlarged share capital in the Company.
In addition, in accordance with the terms of the financing package, 1,071,636
warrants have been issued to Endeavor which, together with the 5,841,577
warrants issued to it under previous tranches of the financing result in
Endeavour holding 6,913,213 warrants to subscribe for Common Shares. In total
the Company has 8,729,357 warrants outstanding, representing 15.2% of the total
enlarged share capital of the Company.
The private financing package was designed to provide a minimum of GBP2.5m and a
maximum of GBP5m for the Company between April 2008 and June 2009. The majority
of this funding is to be provided by Endeavor, a longstanding and major
shareholder in the Company.
The first GBP2.5m has already been received in line with the original agreement
and a further GBP0.5m, being the proceeds of the fifth tranche, will be received
on Friday 6 February 2009.
The original GBP5m commitment was made up of GBP0.35m from management and other
existing investors and up to GBP4.65m from Endeavor with Endeavor's contractual
obligation to fund up to GBP4.65m being conditional on the closing of certain of
its funds. Since these funds did not close, the contract provides that the
absolute obligation is set at a level where the Company was to receive a minimum
of GBP2.5m from this fundraising. This GBP2.5m was received in full in 2008.
Endeavor has a continuing obligation to deliver the second GBP2.5m on a 'best
efforts' basis until the funds close when the GBP4.65m obligation will become
absolute. This current tranche of GBP0.5m to be received on 6 February 2009
reduces the balance receivable to GBP2m. Endeavor has reaffirmed its intention
to be able to deliver the remaining GBP2m prior to 30 June 2009 if so requested
the company.
John Pettitt, CEO of Clean Air Power, commented "We are very pleased to have
received this latest investment from Endeavor demonstrating their continued
confidence in the Company's technology and prospects. Following our recent
announcement of our agreement with Volvo this news continues our positive start
to 2009."
For further information please contact:
Clean Air Power +44 (0)1494
527110
John Pettitt, Chief Executive
Peter Rowse, Finance Director
Buchanan Communications +44 (0)20 7466 5000
Charles Ryland
Ben Willey
Ben Romney
Canaccord Adams Ltd +44 (0)20 7050
6500
Robert Finlay
Guy Blakeney
Bhavesh Patel
Notes to Editors
About Clean Air Power
Clean Air Power is the developer and provider of Dual-Fuel(TM) combustion
technology for heavy duty diesel engines. Dual-Fuel(TM) engines substantially
cut fuel costs and carbon emissions without sacrificing the original engine's
characteristic efficiency or reliability. Clean Air Power is well positioned to
assist corporations and governments to deliver on their environmental
commitments while at the same time reducing transport operators overheads.
Initially founded in the USA in 1991, around GBP40m has been invested in
developing the technology with the result that 63 patents are currently held or
pending. The holding company of the Group is based in Bermuda with operational
subsidiaries in the UK, the USA and Australia. The Group was admitted to the AIM
market of the London Stock Exchange in February 2006.
Further information on Clean Air Power is available at www.cleanairpower.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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