5th Oct 2007 09:01
Hardide PLC05 October 2007 Press Release 5 October 2007 Hardide plc ("Hardide" or "the Company" or "the Group") Hardide completes debt fundraising to support accelerated entry into the aerospace sector Hardide plc (AIM:HDD), the provider of unique surface engineering technology, ispleased to announce that, further to its announcement on the 21 August 2007regarding its accelerated plan to enter the aerospace sector, the Group hassecured its second tranche of funding. This has been secured following aninvestment of £500,000 from Mr A. Badenoch. The loan is to take the form of anassignable company debenture; will have an interest rate of base plus twopercent; attracts no penalty for early repayment; and will be repayable ondemand on a change of control of the Company. The deal also includes the optionfor Mr Badenoch to subscribe for £500,000 worth of shares at 12p per share,exercisable for a period of up to three years from 28 September 2007. Thecompletion of the second tranche means that the Group now has secured its totalfunding requirements of £1,000,000, which it will use to penetrate the aerospacesector in order to take advantage of significant new market conditions and bluechip customer opportunities. - Ends - For further information: Hardide plc Jim Murray Smith, Chief Executive Tel: +44 (0) 1869 353 [email protected] Jackie Robinson, Head of Communications Tel: +44 (0) 1869 353 [email protected] www.hardide.com Seymour Pierce Nicola Marrin, Corporate Finance Tel: +44 (0) 20 7107 8000 Media enquiries: AbchurchHenry Harrison-Topham / Chris Lane Tel: +44 (0) 20 7398 [email protected] www.abchurch-group.com Notes to editors Hardide provides and applies tungsten carbide-based coatings to a wide range ofengineering components. The Company's patented technology is unique in that itcombines both abrasion and corrosion resistant properties in one coating. Whenapplied to components, the technology is proven to offer dramatic cost savingsthrough reduced downtime and extended component life. Customers include leadingcompanies operating in oil and gas exploration and production, valve and pumpsmanufacturing, general engineering and aerospace. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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