THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
4 November 2022
AMTE POWER PLC
AMTE Power signs convertible bond facility
AMTE Power Plc (AIM: AMTE) ("AMTE Power" or the "Company"), a leading developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets, is delighted to announce that, following the passing of the Resolutions at the General Meeting held yesterday, it has entered into Definitive Documents relating to the convertible bond facility (the "Facility") announced on 17 October 2022 (the "Previous Announcement"). The terms of the Definitive Documents are in line with the description of the Heads of Terms provided in the Previous Announcement.
The Company has today issued a tranche 1 drawdown notice in respect of the first £3.0 million of the Facility. In accordance with the terms of the Definitive Documents, the Company expects the Tranche 1 Issue Date (as defined in the Definitive Documents) to be within 5 Business Days of today's date. On such date, the Company will, subject to the receipt of the necessary funds from Arena, issue the convertible bonds required to be issued in respect of tranche 1 of the Facility and 1,829,269 warrants to subscribe for Ordinary Shares to drawdown gross proceeds of £3.0 million.
The maximum proceeds of the Facility (net of expenses and Facility fees, excluding VAT) are expected to amount to c.£3.92 million.
Capitalised terms in this announcement shall have the same meaning as in the Previous Announcement.
The person responsible for arranging the release of this announcement on behalf of the Company is Alan Hollis Chief Executive Officer of the Company.
ENDS
Enquiries
| AMTE Power plc | Tel: +44 (0)1847 867 200 |
| Alan Hollis (Chief Executive Officer) | |
| James Hobson (Chief Financial Officer)
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| WH Ireland (NOMAD and Joint Broker) | Tel: +44 (0)207 220 1666 |
| Chris Fielding / James Bavister / Ben Good
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| Panmure Gordon (UK) Limited (Joint Broker) | Tel: +44 (0)207 886 2500 |
| John Prior / James Sinclair-Ford (Corporate Finance)
Hugh Rich (Corporate Broking) | |
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| Camarco (Financial PR) | Tel: +44 (0)20 3757 4992 |
| Ginny Pulbrook / Tom Huddart / Rosie Driscoll | |
Notes to Editors:
AMTE Power was founded in 2013 and is a leading 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 state-of-the-art MegaFactory in Dundee, Scotland is expected to be operational and in production by Q3 2025 and will be capable of producing over 25,000 high added value batteries per day enabling the Company to rapidly scale up cell production.
For further information visit the Company's website: www.amtepower.com
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