14th Mar 2005 07:01
Turbo Genset Inc.14 March 2005 Monday 14 March, 2005 TURBO GENSET SECURES FURTHER FINANCING Turbo Genset Inc. (TGI) is pleased to announce that following the £7.1 million financing announced on March 3rd 2005, an additional £0.9 million has been raised, bringing the total financing to an aggregate position of £8.0 million. This financing has now received regulatory approval and was closed on 11thMarch. The financing is comprised of Convertible Notes and Warrants. £8 millionConvertible Notes have been issued with a term of five years plus one day,bearing interest at an annual rate of 6.5% and are convertible into CommonShares of TGI at a conversion price of £0.12 per share. 7,000,000 Warrants havebeen issued with a term of five years and an exercise price of £0.15 per share.The aggregate number of common shares of TGI issuable upon conversion of allConvertible Notes and Warrants issued pursuant to this financing is 73,666,667. The financing has been raised from institutional and other arms lengthinvestors. Directors of the Company, who had intended on subscribing, asoriginally announced, have not done so in order to facilitate institutionaldemand. The net proceeds of the financing will provide working capital for thedevelopment and commercialisation of the Company's power generation products and to support order growth in its high-speed electrical machines and powerelectronics businesses. For further information, please contact: Turbo Genset Inc Tel: +44 (0) 20 8564 4460United KingdomMichael Hunt, Chief Executive Officer CanadaRichard Kapuscinski, Tel: +1 905 690 1722 Website: www.turbogenset.com Gavin Anderson & Company (PR) Tel: +44 (0) 20 7554 1400Ken CroninMichael Turner Seton Services Inc (IR) Tel: +44 (0) 20 7373 3536Toni Vallen NOTES TO EDITORS About Turbo Genset Turbo Genset (LSE/TSX: TGN) develops innovative products for power generationand power conditioning. The Group was established in 1993 as a spin-off fromImperial College, London and was floated on the London Stock Exchange in July2000 and soon after obtained a secondary listing in Toronto. In July 2001, the Group acquired Intelligent Power Systems Limited (I-Power)specialising in power electronics. About Power Electronics Power electronics products take a range of power inputs and condition them toachieve outputs of precisely defined characteristics for applications such asindustrial lasers, Ultra Violet sterilization systems and railway powerelectronics systems. Forward Looking statements This news release contains forward-looking statements. Forward-lookingstatements include statements concerning plans, objectives, goals, strategies,future events, or performance, and underlying assumptions and other statementsthat are other than statement of historical fact. These statements are subjectto uncertainties and risks including, but not limited to, the ability to meetongoing capital needs, product and service demand and acceptance, changes intechnology, economic conditions, the impact of competition, the need to protectproprietary rights to technology, government regulation, and other risks defined in this document and in statements filed from time to time with the applicable securities regulatory authorities. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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