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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Prometheus Regs | LSE:PEC | London | Ordinary Share | COM SHS NPV (REGS) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8308C Prometheus Energy Co 28 August 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN. Neither this announcement nor any copy of it may be taken, transmitted or distributed, directly or indirectly, in or into the United States, Canada, Australia, the Republic of Ireland, the Republic of South Africa or Japan. Any failure to comply with this restriction may constitute a violation of United States, Canadian, Australian, Republic of South Africa, Republic of Ireland or Japanese securities laws. Prometheus Energy Company ("Prometheus" or the "Company") Prometheus raises $15 million through Convertible Debenture to Advance Project Development and Support Working Capital Needs August 28, 2007 The Board of Prometheus, the alternative and renewable energy company, announces today that the Company has entered into a convertible loan agreement with Black River Commodity Clean Energy Investment Fund LLC, a fund managed by Black River Asset Management LLC, a global asset management company ("Black River"). The proceeds of the issue will be used to develop liquefied natural gas (LNG) production facilities in Orange County, Merced County and Madera County, California and at the Krupinski coal mine in Poland; to further develop infrastructure for the storage and transportation of LNG; and for general corporate purposes. The $15,000,000 secured convertible debentures ("Debentures") were issued at par and are automatically convertible into the common shares ("Common Shares") of the Company in three tranches of $5,000,000 each. Black River may also voluntarily convert its debenture at any time. The conversion price for any voluntary conversion and the first tranche is the lesser of (a) 45 pence, (b) 80 per cent of the price at which the Company may issue Common Shares in a subsequent share offering ("Offering"), and (c) the volume weighted average price of the Common Shares for the 30 trading days immediately following the Offering. The conversion prices of the subsequent two tranches of the Debentures are based on the conversion price of the first tranche, the timing of any Offering and the Company meeting certain performance milestones. The interest payable on the Debentures is 15 per cent per annum. The term of the Debentures is twenty months. The Debentures may be redeemed at any time upon 5 trading days notice at a price which provides an internal rate of return to Black River of 30 per cent (including paid and accrued interest). Upon notice of early redemption, Black River may exercise its conversion rights. Black River has the right for the first 60 days after closing to subscribe for an additional $10,000,000 Debentures on the same terms as the initial subscription or thereafter prior to 180 days after closing to purchase $10,000,000 of common shares at a price per share equal to 90 per cent of the volume weighted average share price for the 30-trading days immediately prior to the additional investment. Hybridan LLP acted as Placing Agent and Jefferies International Limited acted as Financial Adviser to the Company on the issue of the Debentures. Kirt Montague, Prometheus' Chief Executive Officer, said: "There is no shortage of opportunities for Prometheus and we are pleased to have access to additional funding to help us make best use of the most attractive of these opportunities. We also are excited about potential commercial opportunities that may arise out of our developing relationship with Black River. We continue to build our portfolio of methane sources with supply arrangements now in place at four sites in California and one in Poland." For further information, please contact: Prometheus Energy Company +1 206 267 0800 Kirt Montague (Chief Executive Officer) Jeff Spencer (Chief Financial Officer) Jefferies International Limited +44 20 7618 3500 Charles Cameron Oliver Griffiths Panmure Gordon +44 0207 459 3600 Amer Khan Hybridan LLP +44 20 3159 5085 Claire Noyce Stephen Austin Cubitt Consulting +44 20 7367 5100 Simon Brocklebank- Fowler Michael Henman Allison Reid This press release does not constitute an offer for the sale of securities in the United States. Prometheus' securities are restricted under United States securities laws and may not be offered or sold in the United States absent a registration statement or a valid exemption from registration. Notes to Editors Prometheus Energy Company is a public corporation with its shares traded on the London Stock Exchange's AIM market. It is headquartered in Seattle, Washington. Prometheus is a global alternative and renewable fuel company, specialising in the production, distribution, and sale of liquid natural gas (LNG) from low-cost waste and stranded sources of methane. The Company is an emerging leader in distributed fuel production, integrating small-scale purification and liquefaction systems that generate fuel near the end-user. For more information concerning Prometheus please contact the company at +1 206 267-0800 or at Info@Prometheus-Energy.com Black River Asset Management, an independently managed subsidiary of Cargill, is a global asset management company with 11 offices in 10 countries and more than 20 years of experience. Black River provides qualified investors with alternative investment strategies. It offers a wide range of developed and emerging market investment products supported by experienced investment professionals, rigorous risk processes and a well-established global infrastructure. This information is provided by RNS The company news service from the London Stock Exchange END MSCUBAURBORWUUR
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