REG-Hardide PLC Debt Fundraising Complete
Released: 05/10/2007
RNS Number:2128F
Hardide PLC
05 October 2007
Press Release 5 October 2007
Hardide plc
("Hardide" or "the Company" or "the Group")
Hardide completes debt fundraising to support
accelerated entry into the aerospace sector
Hardide plc (AIM:HDD), the provider of unique surface engineering technology, is
pleased to announce that, further to its announcement on the 21 August 2007
regarding its accelerated plan to enter the aerospace sector, the Group has
secured its second tranche of funding. This has been secured following an
investment of £500,000 from Mr A. Badenoch. The loan is to take the form of an
assignable company debenture; will have an interest rate of base plus two
percent; attracts no penalty for early repayment; and will be repayable on
demand on a change of control of the Company. The deal also includes the option
for Mr Badenoch to subscribe for £500,000 worth of shares at 12p per share,
exercisable for a period of up to three years from 28 September 2007. The
completion of the second tranche means that the Group now has secured its total
funding requirements of £1,000,000, which it will use to penetrate the aerospace
sector in order to take advantage of significant new market conditions and blue
chip customer opportunities.
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For further information:
Hardide plc
Jim Murray Smith, Chief Executive Tel: +44 (0) 1869 353 830
jmurray-smith@hardide.com
Jackie Robinson, Head of Communications Tel: +44 (0) 1869 353 830
jrobinson@hardide.com www.hardide.com
Seymour Pierce
Nicola Marrin, Corporate Finance Tel: +44 (0) 20 7107 8000
Media enquiries:
Abchurch
Henry Harrison-Topham / Chris Lane Tel: +44 (0) 20 7398 7702
henry.ht@abchurch-group.com www.abchurch-group.com
Notes to editors
Hardide provides and applies tungsten carbide-based coatings to a wide range of
engineering components. The Company's patented technology is unique in that it
combines both abrasion and corrosion resistant properties in one coating. When
applied to components, the technology is proven to offer dramatic cost savings
through reduced downtime and extended component life. Customers include leading
companies operating in oil and gas exploration and production, valve and pumps
manufacturing, general engineering and aerospace.
This information is provided by RNS
The company news service from the London Stock Exchange
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