REG - Curzon Energy plc - PET Loan Refinancing and Extension

Curzon EnergyAnnouncement

23/02/2022 12:00

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RNS Number : 5878C  Curzon Energy PLC  23 February 2022

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Curzon Energy Plc

("Curzon" or the "Company")

 

23 February 2022

 

PET Loan Refinancing and Extension

 

Curzon Energy Plc (LON:CZN), the London Stock Exchange listed company,
announces a refinancing and extension of the outstanding loan between Poseidon
Plastics Limited ("PET") and the Company.

Loan Refinancing and Extension

As announced on 3 February 2021, Curzon and PET have entered into a loan
agreement by which a facility of £500,000 was made available to fund the
ongoing expenses of the business as well as to fund a period of exclusivity.
This original facility was due for repayment on 14 February 2022 and during
the course of the year, £485,000 was drawn down under the agreement.

The Parties have now agreed to increase the size of the facility by £245,000
and to refinance all outstanding amounts as well as any further amounts to be
drawn down under the amended facility, to 14 February 2023.  All amounts
drawn down currently and under the amended facility shall continue to accrue
interest at the rate of 10 percent per annum.

The purpose of the loan is to fund an ongoing period of exclusivity, now
extendable until 30 September 2022 as required, during which the parties are
working on a potential transaction, which if completed, would constitute a
reverse takeover under the Listing Rules.  The parties continue to work
towards the execution and delivery of a definitive purchase agreement,
contemplating a reverse takeover of Curzon by PET ("RTO") which, will be
conditional upon receipt of the required regulatory approvals from the FCA and
its primary market functions, among other matters.

About Poseidon Enhanced Technologies

Poseidon aims to provide the lowest-cost solution for the food and beverage
industry to achieve its goal of reducing the use of virgin PET*
and single-use plastics.  Poseidon's mission is to convert waste PET into
100% recycled feedstock for the global food-grade PET packaging and fibre
industries, utilising its patented environmentally-friendly chemical recycling
process.

Poseidon's proprietary chemical recycling technology is designed to process
all 'waste' PET plastic, including previously unrecyclable plastics such as
coloured bottles, trays, fibre and films, converting them directly into
Poseidon rBHET™, an interim feedstock for the global PET industry, thereby
completing a Circular Economy.  Poseidon is currently developing its
recycling technology at its facilities at Teesside, UK and is planning an
industrial scale roll-out which is expected to be facilitated by the listing
process and an associated capital raise.

 For further information please contact:

 Curzon Energy Plc                                   +44 (0) 20 7747 9980
 Scott Kaintz
 www.curzonenergy.com (http://www.curzonenergy.com)

 SP Angel Corporate Finance LLP                      +44 (0) 20 3470 0470

Broker

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