August 22 (Renewables Now) - Through the placement of convertible loan notes Verditek Plc (LON:VDTK) is raising GBP 2 million (USD 2.57m/EUR 2.23m), pre-expenses, for its new solar factory in Italy and a graphene project.
The London-based cleantech company said Tuesday the 10% unsecured convertible loan notes mature on July 25, 2020 and can be converted into Verditek ordinary stock at GBP 0.10 per share. A UK institutional investor and a European-based family office took part in the placing, Verditek said, without revealing their names.
The funding will support the ramp up of the solar factory in Lainate, Italy and its working capital requirement. At the plant the company will make light-weight solar panels. In addition, Verditek said the proceeds give it additional financial flexibility to pursue the “very promising work” with Cambridge-based technology firm Paragraf Ltd as part of their graphene joint venture. The partners said in December 2017 they would work to develop graphene-based solar cells and modules.
Verditek expects to pursue a listing of the loan notes on The International Stock Exchange (TISE) on the Channel Islands.
(GBP 1 = USD 1.11/EUR 1.28)