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Helius Gets Cash Injection
UK - Biomass-to-power company Helius Energy plc (Helius Energy) has secured a £2 million cash injection from Credit Suisse.Under the agreement, Credit Suisse will subscribe to 14,814,815 new ordinary shares of 1p in the company ("New Ordinary Shares") at 13.5 pence per share.
This agreement will raise £2 million in equity (the "Equity Subscription") which will be used by Helius Energy as working capital to further develop its business and pipeline projects.
The agreement is subject to the shareholders agreeing to the allotment of the new shares by the Directors, which will be confirmed at a General Meeting of the Company. Shareholders representing more than 75 per cent of the Company’s issued share capital have already irrevocably agreed to vote in favour of the resolutions being proposed at the General Meeting.
John Seed, Managing Director of Middlesborough-based Helius Energy, said: "Today’s agreement provides Helius Energy with the working capital to take our existing pipeline projects through to financial closure and consequently represents a major milestone in the development of these projects.
"We are delighted to have an institutional investor of the calibre of Credit Suisse following last month’s granting of consent for our plant at Stallingborough."
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