Environmental Clean Technologies Limited (ASX: ECT) (“ECT” or “Company”) provides the following notice per ASX Listing Rule 3.10A that the following securities will be released from voluntary escrow effective 15 February 2022.
Securities Subject to Escrow
|ASX security code and description||Number of Securities|
|ECT Fully Paid Ordinary Shares||65,000,000|
|ECTOE listed options (expiring 10 May 2023 with an exercise price of $0.03)||26,000,000|
At the Company’s 2020 AGM, shareholders approved the issue of an Equity Lending Facility (ELF) secured loan by the Company’s wholly-owned subsidiary, ECT Finance Ltd.
- Borrower: Challenge Bricks and Roofing Pty Ltd or nominee(s)
- Loan amount: $650,000
- Interest: 11.95% p.a.
- Term: 2 years
- Purpose: the acquisition of 65,000,000 fully paid ordinary shares (ECT) and 26,000,000 ECTOE options (expiring 10 May 2023 with an exercise price of $0.03)
- Security: secured against the shares, with shares and options escrowed
- Recourse: limited to the shares and options
This ELF loan has been repaid in full today, delivering $650,000 to the Company and triggering the release of the securities from escrow.
Given the early repayment of this ELF, the interest on this loan was refunded to the Borrower. This amount is commensurate with the time value of an option calculated using the Black-Scholes methodology.
The funds raised will be used for the settlement of the Yallourn Drive property and working capital.
This announcement is authorised for release to the ASX by the Board of ECT.
For further information, please contact: