New Options - Notice of Under Subscriptions

Environmental Clean Technologies Limited (ECT or Company) (ASX:ESI) advised on Monday 28 July 2014 that its New Options (ESIOA) Offer closed at 5.00pm, Friday 25 July 2014.

The Company further advises that it will issue 1,396,172,364 ESIOA options to eligible participants under the Program, representing a take up of 100% of the Program approved at the company’s recent EGM on 30 May 2014.

This includes pre-commitments received prior to the Offer opening, valid applications received, the underwritten amount, in addition to valid shortfall applications received prior to this announcement.

The Offer within the Prospectus issued on 30 June 2014 was for 1,121,172,364 ESIOA options, being the total program less pre-commitments.

The following table sets out the number of ESIOA options subscribed for by eligible participants under the Offer:

Options Issue Offer	Number of New Options	Gross Proceeds	Percentage of Maximum
Maximum number of new options that could have been issued under the Offer per the Prospectus	1,121,172,364	$1,121,172	100%
Less subscriptions	836,286,684	$836,287	75%
Less applications for shortfall	194,885,680	$194,885	17%
Less underwriting	90,000,000	$90,000	8%
Total under subscription	0	$0

 

This Offer has now been completed.

In accordance with the timetable for the Offer, and subject to ASX approval, the Company expects the issue of ESIOA options and despatch of holding statements on 6 August 2014, with trading anticipated to commence on Thursday 7 August 2014.

 

For further information contact: Ashley Moore – Managing Director - [email protected]