Active Energy Group further announces that, in connection with the proposed Acquisition, it has conditionally raised a total of GBP 3.07 million ($4.7 million) pursuant to the Subscription for 165,780,000 Ordinary Shares and GBP 1 million ($1.5million) nominal of Convertible Loan Notes, in order to provide working capital for the Enlarged Group and to pay for the costs associated with the Acquisition and Admission.
Richard Spinks, the CEO of AEG, said: "This marks the start of the new Active Energy Group. I am confident that we have identified a very exciting and growing market around which to continue to build a significant business. AEG shareholders have had to be patient but having spent the last 10 months working alongside the Nikofeso Group team, the last six months of which in a joint funded partnership, operationally, I believe there is a great opportunity in front of the new Enlarged Group now.
The demand for wood chip/biomass is strong and expected to increase. We have the expertise and advantageous geographic locations to procure, process and ship quickly and efficiently and this will form a stable and profitable base upon which we can build."
The Nikofeso Group is the largest Ukrainian supplier of wood chip for the production of Turkish MDF and with the support of AEG aims to become the leading Ukraine and Balkan states supplier not only for current MDF applications but also for the provision of feedstock to the European biomass power generation sector, having recently signed a sales contract with a new biomass power plant in southern Italy to supply wood chip as feedstock.