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23 Jun 2020 | 15:36

Proton Motor Power increases and extends loan facilities

(Sharecast News) - Fuel cell and electric hybrid system company Proton Motor Power Systems has agreed to increase its existing loan facilities with SFN Cleantech Investment and Falih Nahab by €3.6m (£3.26m) each. The AIM-traded firm said the loan facility with SFN had thus been increased to €20.2m, and the loan facility with Nahab to €44.7m.

It said the annual interest rate on both of the additional facilities was 10%, and would be convertible into the company's ordinary shares at 48p per share.

The maturity of the loans outstanding with a total value, including interest, of €80.8m was extended to by 12 months to 31 December 2021, the board also confirmed

In addition, an existing non-convertible facility of €2.6m including interest provided by SFN had been extended until 31 December 2021.

"The undrawn portions of the existing facilities and the Additional Facilities are expected to allow the company to satisfy its working capital needs until at least June 2021," the board said in its statement.

"However, it should be noted that the company does not currently expect to generate net free cash by that time and therefore it is likely to require additional funding."

At 1528 BST, shares in Proton Motor Power Systems were up 2.06% at 55.11p.
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