(AEACE) Advanced Engine to raise equity and restructure debt
Sydney - Thursday - January 28: (RWE Australian Business News) - Advanced Engine Components Ltd (ASX:ACE) today announced a placement, rights issue and debt restructure that would provide an immediate $1.2m cash injection, introduce working capital funds of between $2.9m and $4.3m, and reduce curren...
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| Published in | AAP Finance News Wire |
|---|---|
| Format | Newsletter |
| Language | English |
| Published |
Sydney
Australian Associated Press Pty Limited
28.01.2010
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| Online Access | Get full text |
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| Summary: | Sydney - Thursday - January 28: (RWE Australian Business News) - Advanced Engine Components Ltd (ASX:ACE) today announced a placement, rights issue and debt restructure that would provide an immediate $1.2m cash injection, introduce working capital funds of between $2.9m and $4.3m, and reduce current liabilities by $4.1m. Meanwhile, 698 Capital Asia Pacific Ltd, a party related to ACE's major shareholder, has agreed to a restructure of the terms of its following loans to ACE: $750,000 short-term loan; $3m sales financing facility; and $3m due under the expired convertible notes. Subject to ACE shareholder approval, 698 will receive 3m options, exercisable at 5.5c a share by November 30 2011, as consideration for extending its loan facilities. |
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