Environmental Clean Technologies Limited (ASX: ESI) (ECT or Company) is pleased to provide the following update on its capital management activities.
The Company previously advised shareholders (2 Feb 2016) of the establishment of a funding agreement with Brevet Capital, a New York based funds manager.
Today, the Company advises it has drawn AUD1 million under the arrangement on competitive commercial terms.
The loan facility is secured against future AusIndustry R&D Tax Incentive rebates.
The funds will be applied toward continued project work in India, upgrade activities at the Bacchus Marsh test facility and general working capital.
Managing Director, Ashley Moore, stated “The momentum behind our engineering activities in support of both our India project and upgrading of our local test facility is increasing, and this non-dilutive source of funding will support our drive to get these significant projects up and running.”
For further information, contact:
Ashley Moore – Managing Director email@example.com