Curzon Energy PLC PET Loan Refinancing and Extension (5878C)
February 23 2022 - 5:49AM
UK Regulatory
TIDMCZN
RNS Number : 5878C
Curzon Energy PLC
23 February 2022
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
Curzon Energy Plc
("Curzon" or the "Company")
23 February 2022
PET Loan Refinancing and Extension
Curzon Energy Plc (LON:CZN), the London Stock Exchange listed
company, announces a refinancing and extension of the outstanding
loan between Poseidon Plastics Limited ("PET") and the Company.
Loan Refinancing and Extension
As announced on 3 February 2021, Curzon and PET have entered
into a loan agreement by which a facility of GBP500,000 was made
available to fund the ongoing expenses of the business as well as
to fund a period of exclusivity. This original facility was due for
repayment on 14 February 2022 and during the course of the year,
GBP485,000 was drawn down under the agreement.
The Parties have now agreed to increase the size of the facility
by GBP245,000 and to refinance all outstanding amounts as well as
any further amounts to be drawn down under the amended facility, to
14 February 2023. All amounts drawn down currently and under the
amended facility shall continue to accrue interest at the rate of
10 percent per annum.
The purpose of the loan is to fund an ongoing period of
exclusivity, now extendable until 30 September 2022 as required,
during which the parties are working on a potential transaction,
which if completed, would constitute a reverse takeover under the
Listing Rules. The parties continue to work towards the execution
and delivery of a definitive purchase agreement, contemplating a
reverse takeover of Curzon by PET ("RTO") which, will be
conditional upon receipt of the required regulatory approvals from
the FCA and its primary market functions, among other matters.
About Poseidon Enhanced Technologies
Poseidon aims to provide the lowest-cost solution for the food
and beverage industry to achieve its goal of reducing the use of
virgin PET* and single-use plastics. Poseidon's mission is to
convert waste PET into 100% recycled feedstock for the global
food-grade PET packaging and fibre industries, utilising its
patented environmentally-friendly chemical recycling process.
Poseidon's proprietary chemical recycling technology is designed
to process all 'waste' PET plastic, including previously
unrecyclable plastics such as coloured bottles, trays, fibre and
films, converting them directly into Poseidon rBHET(TM), an interim
feedstock for the global PET industry, thereby completing a
Circular Economy. Poseidon is currently developing its recycling
technology at its facilities at Teesside, UK and is planning an
industrial scale roll-out which is expected to be facilitated by
the listing process and an associated capital raise.
For further information please
contact:
Curzon Energy Plc +44 (0) 20 7747 9980
Scott Kaintz
www.curzonenergy.com
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Broker
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCUOSARUVUUUAR
(END) Dow Jones Newswires
February 23, 2022 06:49 ET (11:49 GMT)
Curzon Energy (LSE:CZN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Curzon Energy (LSE:CZN)
Historical Stock Chart
From Apr 2023 to Apr 2024