ADVANCED BRAKING TECHNOLOGY LIMITED Advanced Braking Technology (ASX: ABV) ('ABT' or 'the Company') is pleased to announce that it has secured commitments to raise $1.250 million in a convertible note issued to sophisticated investors.
The convertible notes will attract a 9.0% pa coupon rate and are convertible at any time up until, and including the maturity date of 22 December 2018 at a price of $0.008.
The proceeds will be used to refinance $0.500 million of convertible note that are due for repayment in February 2017. Additional funds will be applied to the global roll-out of the new Terra Dura brake range and for working capital purposes.
Graeme Sumner noted that "ABT has achieved a significantly lower cost of debt than the previous notes which had attracted a 12% interest rate, reflecting the improved circumstances of the company"
The placement was made with the advice and support of Baker Young Stockbrokers Ltd, Adelaide.
ENDS For further information, please contact:Mr. Graeme Sumner Chief Executive Officer
Advanced Braking Technology Ltd Telephone: +61 (0) 447275998 www.advancedbraking.com
About Advanced Braking Technology Ltd
Advanced Braking Technology Ltd (ASX: ABV) develops innovative braking systems, with its main product being the Sealed Integrated Braking System (SIBS®), a comprehensively patented Australian invention, now used widely in light commercial vehicles, primarily in the mining industry.
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Email: info.perth@advancedbraking.com
Advanced Braking Technology Ltd. published this content on 22 December 2016 and is solely responsible for the information contained herein.
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