DGAP-Adhoc
Leclanché SA obtains an increase of its bridge loan
Leclanché SA / Key word(s): Miscellaneous
21.05.2013 07:07
Release of an ad hoc announcement pursuant to Art. 53 KR
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Leclanché SA obtains an increase of its bridge loan
- Bruellan to increase its current bridge loan by EUR 1.5m
- Loan extension will cover short term needs until the end of June 2013
and allow Leclanché SA additional time to pursue its fund raising
efforts
Yverdon-les-Bains, Switzerland, 21 May 2013 - Leclanché S.A. (SIX Swiss
Exchange: LECN), specialized in the production of large-format lithium-ion
cells and energy storage solutions, announced today that Bruellan Corporate
Governance Action Fund ('Bruellan') has agreed to increase the current
bridge loan of EUR 5 million granted to Leclanché GmbH by an additional EUR
1.5 million to provide for additional time to the Company to pursue its
fund raising efforts. The maturity date of the entire bridge loan is June
30, 2013, or such earlier date as to coincide with a refinancing of the
Group.
Leclanché had announced on November 23, 2012 that its German subsidiary,
Leclanché GmbH, had obtained a EUR 5 million bridge loan from Bruellan to
cover its short term funding needs. The loan is secured with assets of
Leclanché GmbH. Upon a capital increase to raise further funds for
Leclanché SA the lender has the right to convert the loan into shares of
Leclanché SA and receive warrants to purchase shares of Leclanché SA. The
additional EUR1.5 million shall, however, not be capable of being converted
into shares, but shall be repayable in full on maturity.
This bridge loan increase is expected to allow Leclanché to cover its short
term financial needs until the end of June 2013. The Company is currently
reviewing a number of funding options but no definitive solution has been
secured as yet.
About Leclanché
Leclanché's strategy is to expand its position as one of the leading
lithium-ion cell producers and solution providers for renewable energy
storage systems in Europe. Its strategic priorities are stationary home
electrical energy storage applications and expansion into the stationary
industrial and grid electricity storage markets. Through participation in
research consortia focusing on hybrid and E-mobility applications,
Leclanché is positioned to take advantage of new market opportunities.
Through a unique, patented ceramic separator technology and focus on
lithium-titanate technology, Leclanché manufactures large-format