3rd Mar 2023 14:16
(Alliance News) - Invinity Energy Systems PLC on Friday said that it has entered a prepayment agreement to repay the outstanding drawn amount of its convertible loan facility with RiverFort Global Opportunities PCC Ltd and YA II PN Ltd.
Invinity is a London-based utility-grade energy storage manufacturer that produces batteries for the large-scale requirements of business networks. Riverfort is a London-based investment company, while YA II PN is a private hedge fund.
Under the terms of the facility, an initial amount of USD2.5 million was drawn, of which USD2.1 million is outstanding. Invinity has agreed to settle the outstanding amount together with a redemption premium of 10%.
It said it would use some of the proceeds of a recent GBP19 million share placing to do this. The company will not, however, release the funds until the completion of the placing.
"Entering into the facility in December 2022 supported the significant order backlog and considerable near-term commercial interest Invinity has attracted. This facility has been an important bridge to the recently announced equity funding through the placing, open offer and strategic investment. We look forward to repaying the facility and convey our appreciation to Riverfort and YA for assisting Invinity during this period," said Chief Development Officer and Interim Chief Financial Officer Jonathan Marren.
Invinity shares were trading 0.3% higher at 32.10 pence each in London on Friday afternoon.
By Holly Beveridge; Alliance News reporter
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