Environmental Clean Technologies Limited (ASX:ESI) confirms that it has issued convertible notes to Pacific Value Capital Fund (“˜PCVF’) to the value of $500,000 and those funds have been placed in escrow with PVCF’s Australian solicitors today.
The facility is underpinned by the loan of 5,000,000 shares each from Romfal Sifat Pty Ltd and Caracob Pty Ltd, both major shareholders in Environmental Clean Technologies Limited. The shares have transferred to PCVF’s nominee and ECT has provided guarantees to the shareholders concerned.
“The company appreciates the demonstrated confidence in it that has been shown by these major shareholders in lending their shares to facilitate this convertible note facility. Now that the first tranche of funds has been received into escrow there is a clear process established for the remaining tranches to be transferred and Convertible Notes issued”, ECT Chief Executive Kos Galtos said.
“The company expects receipt of the second tranche in late January 2009 and these funds will assist the company in our growth efforts”.
For further information contact ECT Chief Executive Kos Galtos on +61 3 9909 7684