Pressure Technologies PLC Further re: Proposed Offering by Greenlane (0622E)
February 25 2020 - 5:15AM
UK Regulatory
TIDMPRES
RNS Number : 0622E
Pressure Technologies PLC
25 February 2020
25 February 2020
Pressure Technologies plc
("Pressure Technologies", the "Company" or the "Group")
Further re: Proposed Offering by Greenlane Renewables Inc.
Further to its announcements of 11 and 12 February 2020, the
Board of Pressure Technologies notes the subsequent announcement by
Greenlane Renewables Inc. ("Greenlane") regarding the closing of
its underwritten public offering (the "Offering") on 19 February
2020.
The Company confirms that it has now received a payment on the
Promissory Note of GBP2.0m in respect of principal and an interest
payment of GBP0.1m. Following receipt of these funds the
outstanding principal of the Promissory Note has been reduced to
GBP4.1m.
The remaining balance of the Promissory Note (i) is denominated
50 per cent. in Pounds Sterling and 50 percent in Canadian Dollars;
(ii) matures 3 June 2023; (iii) bears interest at the rate of 7%
per annum and (iv) is secured by a pledge of all of the issued and
outstanding Greenlane Ordinary Shares and all of the assets of
Greenlane.
The announcements and documents published in connection with the
Offering and any associated regulatory filings can be found via the
following link:
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00045658
. The Company accepts no responsibility for any of the documents or
associated regulatory filings published via this link, or any
information contained therein.
This announcement is for information purposes only and does not
constitute or contain any invitation, solicitation, recommendation,
offer or advice to any person to subscribe for, otherwise acquire
or dispose of any securities in Greenlane or any other entity in
any jurisdiction.
For further information, please contact:
Pressure Technologies plc
Chris Walters, Chief Executive Tel: 0114 257 3616
Joanna Allen, Chief Financial pressuretech@investor-focus.co.uk
Officer
N+1 Singer (Nomad and Broker) Tel: 0207 496 3000
Mark Taylor / Lauren Kettle
IFC Advisory Ltd (Financial PR Tel: 0203 934 6630
and IR)
Graham Herring / Tim Metcalfe
/ Zach Cohen
COMPANY DESCRIPTION
Company description - www.pressuretechnologies.com
With its head office in Sheffield, the Pressure Technologies
Group was founded on its leading market position as a designer and
manufacturer of high-integrity, safety-critical components and
systems serving global supply chains in oil and gas, defence,
industrial gases and hydrogen energy markets.
The Group has two divisions, Precision Machined Components and
Chesterfield Special Cylinders.
Precision Machined Components (PMC) - www.pt-pmc.com
-- Precision Machined Components includes the Al-Met, Roota
Engineering, Quadscot and Martract brands.
Chesterfield Special Cylinders (CSC) -
www.chesterfieldcylinders.com
-- Chesterfield Special Cylinders, Sheffield, includes CSC
Deutschland Gmbh, which is based in Dorsten, Germany.
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.
END
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