Amendment to the convertible bond facility
RNS Reach
Amte Power PLC
Amendment to the convertible bond facility ("Facility")
Amte Power plc (AIM: AMTE) ("Amte Power", the "Company" and together with its subsidiary undertakings, the "Group"), a leading UK developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist applications in growing markets, today announces that it has agreed certain amendments to its Facility with Arena Investors LP (together with its affiliates, "Arena"), originally announced on 17 October 2022.
In order to enhance the flexibility associated with the Facility, it has been agreed, to reduce the minimum conversion by Arena from £150,000 to £25,000 and to reduce the minimum drawdown by the Company after the second tranche (currently undrawn), from £1.0 million to £250,000.
ENDS
Enquiries:
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AMTE Power plc |
Tel: +44 (0)1847 867 200 |
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Alan Hollis (Chief Executive Officer) |
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Anita Breslin (Chief Financial Officer) |
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WH Ireland Limited (NOMAD and Joint Broker) |
Tel: +44 (0)207 220 1666 |
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Chris Fielding / James Bavister (Corporate Finance) |
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Fraser Marshall (Corporate Broking) |
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Panmure (Joint Broker) |
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John Prior / James Sinclair-Ford (Corporate Finance) |
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Hugh Rich (Corporate Broking) |
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Camarco (Financial PR) |
Tel: +44 (0)20 3757 4992 / 4981 |
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Ginny Pulbrook / Tom Huddart / Rosie Driscoll |
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About AMTE Power
AMTE Power was founded in 2013 and is a leading UK developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets. In March 2021, the Company was admitted to trading on the AIM market of the London Stock Exchange. The Company is focused on launching a series of next generation battery cells based on new chemistries and cell structures that are designed to solve key problems in power delivery, energy performance, and safety. These new products are targeted at a range of specialist markets including the electric vehicle industry and energy storage sector.
AMTE Power's purpose-built cell manufacturing facility in Thurso, Scotland has the second largest cell manufacturing capacity in the UK and the Company also has a product development team based in Oxford. AMTE's proposed gigafactory in Dundee, Scotland is expected to be capable of producing over 8 million battery cells per annum enabling the Company to rapidly scale up cell production.
For further information visit the Company's website: www.amtepower.com
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