Environmental Clean Technologies Limited (ASX:ESI) advises that it has given Fortrend Securities Pty Ltd a drawdown notice under the Standby Subscription Agreement dated 31 August 2007.
The drawdown relates to the issue of 2,833,226 shares priced at 90% of the average of the VWAP market price from 17 September 2008 to 23 September 2008 inclusive.
The drawdown occurred today. The Company has issued both the shares and 708,306 options valued at 110% of the market price at which the shares have been issued. The options will expire on 25 September 2011.
The funds from the drawdown go towards meeting the drawdown commitment the company has to Fortrend and provides some interim operational funding pending finalisation of the Zero Coupon Convertible Note documentation as approved by the General Meeting on 10 September 2008, which is on track but awaiting final agreement of terms and conditions.
For further information please contact Chief Executive, Kos Galtos on 03 9684 0800.