REG - Cindrigo Hldgs Ltd - £10 Million Convertible Loan Signed

Cindrigo HoldingsAnnouncement

20/02/2024 16:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240220:nRST8152Da&default-theme=true

RNS Number : 8152D  Cindrigo Holdings Limited  20 February 2024

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET
ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK
MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY, WITHIN,
INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.

 

20 February 2024

 

Cindrigo Holdings Limited

('Cindrigo' or the 'Company')

 

£10 Million Convertible Loan Signed

 

Cindrigo (LSE:CINH) is pleased to announce that it has entered into a  £10
million convertible loan agreement (the "Loan Agreement") with TriRi Asset
Management Limited (the "Lender" or "TRAM"), a USA and Canada based investment
firm.

 

The net proceeds of the unsecured loan will be used:

-    For the continuing development of the Company's existing geothermal
project in Croatia, Slatina 3;

-   As expansion capital to acquire and establish partnerships for new
projects and licenses, and pre-development capital for such new projects; and

-   To strengthen the organisation and the Company's investor relations
activities in conjunction with its on-going process of seeking FCA approval
for the proposed application for re-admission of its share capital to the
Official List and to trading on the London Stock Exchange.

 

Terms of the Convertible Loan

Under the Loan Agreement, the Lender will provide Cindrigo with a principal
amount of £10 million on a three year term, at an interest rate of 12% per
annum which will be added to the principal amount (the "Loan"). The Loan is
agreed to be paid out in full on 11 March 2024

 

The Lender has the right to convert the whole, or part, of the outstanding
amount of the Loan (including interest) at any time up to the end of the term,
into new ordinary shares in Cindrigo at a conversion price equal to a 20%
discount to 30-day VWAP of the shares of the Company.

 

The Company also has the right to convert the whole, or part, of the
outstanding amount of the Loan (including interest) commencing nine months
after drawdown until the end of the loan term, into new ordinary shares in
Cindrigo at a conversion price equal to a 25% discount to 30-day VWAP of the
shares of the Company.

 

Any conversion is subject to a minimum price before discount of £0.70 per
share and a maximum price before discount of £1.50 per share.

 

Commenting on the Agreement, Lars Guldstrand, CEO of Cindrigo, said: "We are
grateful for the support shown by TRAM in providing this £10 million of
funding, which will be instrumental in enabling the continued development of
Cindrigo and for its Slatina 3 geothermal project to progress further and
faster as we commence deep drilling following the recent completion of
preparatory work on-site.

 

"With the Slatina 3 Licence subject to a review in April 2024, we are
confident that we have demonstrated to the Croatian Licence Authority that
sufficient work has been done on the site to prove the commercial viability of
the project to ensure that the Licence will be extended."

 

 

 

**ENDS**

 

For more information please contact:

 

Cindrigo Holdings Limited

Lars Guldstrand
CEO
+44 (0) 7408 861 667

 

Hannam & Partners (Financial Advisor & Corporate Broker)

Samuel Merlin, Sean
Urquhart
+44 (0) 20 7907 8500

 

St Brides Partners Ltd (PR)

Paul
Dulieu
+44 (0) 20 7236 1177

 

 

Notes:

Tri Ri Asset Management Corp ("TRAM") is a global investment firm that was
founded in 2019. TRAM is a concentrated, research-intensive, fundamental value
investor in the public markets. The firm maintains portfolios across five
different asset classes, traditional hedge fund solutions, proprietary
trading, private equity fund, venture fund & a real estate investment
trust.

 

Cindrigo Group is an active clean baseload power developer engaged in the
renewable energy sector. Its current focus is on the construction of an
initial 20 MW geothermal power plant located in Croatia, but a number of other
projects are also underway, primarily in the Pannonian Basin of Central
Europe.

 

Cindrigo aims to have contracts in place for geothermal power plant projects
with up to 200 MW of contracted capacity within a year, up to 450 MW within
three years and 1000 MW by 2030.  The financing for each power plant project
will be primarily on a structured project finance basis within special purpose
vehicles for each project.

 

Cindrigo is in the process of seeking approval by the FCA of a prospectus in
respect of its proposed application for re-admission to the standard segment
of the Official List and to trading on the Main Market of the London Stock
Exchange.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCSEUFISELSELE