Stallingborough, England [RenewableEnergyWold.com] Helius Energy plc, announced that it has entered into an equity subscription with Credit Suisse.
Under the agreement, Credit Suisse will subscribe to 14,814,815 New Ordinary Shares at 13.5 pence per share [US $0.26]. This agreement will raise £2 million [US $4 million] in the Equity Subscription that will be used by Helius Energy as working capital to further develop its business and pipeline projects.
The agreement is subject to the shareholders approval of the allotment of the new shares by the directors, which will be confirmed at a general meeting of the company. Shareholders representing more than 75 percent of the company’s issued share capital have already irrevocably agreed to vote in favor of the resolutions being proposed at the general meeting.
“Today’s agreement provides Helius Energy with the working capital to take our existing pipeline projects through to financial closure and consequently represents a major milestone in the development of these projects,” said John Seed, Managing Director of Helius Energy. “We are delighted to have an institutional investor of the calibre of Credit Suisse following last month’s granting of consent for our plant at Stallingborough.”