News blog
KleenAir Systems International
- BY: Andrew Hore |
- POSTED: 08/09/2009 |
KleenAir Systems International has entered into an exclusive collaboration and co-operation agreement with a potential briquetting production business.
KleenAir is effectively a shell and the deal came about because of the consulting services that are carried out by the company. This represents the first move to provide the company with a new business following the financial failure of the vehicle emissions filter business.
South Africa-based Argosec can turn ultra fine coal waste into briquette products, thereby generating additional revenues from the mining of coal. This reduces coal waste and should eliminate the need for tailing dams. No additional hest is required in the process.
KleenAir will work with Argosec to explore how best to exploit the technology. KleenAir could eventually form a strategic alliance with Argotec’s majority shareholder GlobalTech Marketing Ltd and even take a stake in the company.
KleenAir has agreed a £3m credit facility with Global Investment Strategy (UK) Ltd. KleenAir can draw down funds when it requires them in return for the issue of new shares. The shares will be issued at a price of 85% of the rolling average closing price for the five dealing days around the date of the draw down notice. GIS will not have to take up additional shares if it would take its stake above 29.9%.
Shares in KleenAir rose 6.5p to 135p a share, which values the company at £380,000.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|