Environmental Clean Technologies Limited (ASX:ESI) advises that it has given Fortrend Securities Pty Ltd a drawdown notice under the Standby Subscription Agreement dated 31 August 2007.
The drawdown relates to the issue of 3,179,225 shares priced at 90% of the average of the VWAP market price from 29 September 2008 to 3 October 2008 inclusive.
The drawdown occurred yesterday. The Company has issued both the shares and 794,806 options valued at 110% of the market price at which the shares have been issued. The options will expire on 8 October 2011.
The funds from the drawdown go towards meeting the drawdown commitment the company has to Fortrend and provides some interim operational funding pending finalisation of the Zero Coupon Convertible Note documentation. It is anticipated that the company will provide an update on the progress of the convertible note documentation shortly.
For further information please contact Chief Executive, Kos Galtos on 03 9684 0800