RedT Energy Plc Agrees For An Interim Loan Of Up To USD2.5 Million From Avalon

  • Nov 02, 2019 GMT
  • Team Kalkine
  • RedT Energy Plc (RED) in accordance with its proposed merger with Avalon Battery Corporation and the proposal to raise at least USD30 million (£23 million) of new funds, has announced that it has settled for an interim loan of up to USD2.5 million (£1.9 million) from Avalon to fund ongoing working capital requirements and expenses relating to the Merger via a monthly drawdown schedule.
  • The Interim Loan to the company from Avalon is funded by up to USD5 million (£3.9 million) being made available to it by Bushveld Minerals Limited, an integrated primary vanadium producer based in Johannesburg.

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