HTOO - Fusion Fuel Green Announces Strategic Tranched Financing from Belike Nominees Pty Ltd. a Macquarie Group Company | Benzinga
DUBLIN, Ireland, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Fusion Fuel Green PLC (NASDAQ:HTOO) ("Fusion Fuel" or the "Company"), an emerging leader in the green hydrogen sector, today announced that it has entered into an agreement with Macquarie Group's Commodities and Global Markets business ("Macquarie") for financing of up to $20 million of senior convertible notes (the "Financing") pursuant to a securities subscription agreement ("Subscription Agreement"), subject to the satisfactions of certain conditions, as further set forth therein. The Financing will be conducted in several tranches based on the specific needs of the Company and the conditions set forth in the Subscription Agreement, with each tranche size, including the initial tranche size, to be determined by mutual agreement of Macquarie and the Company. Although subject to change, based on current market conditions, the initial tranche is not expected to be greater than 10% of the total Financing. Until the conditions precedent as described herein are satisfied or waived, there can be no assurance that any portion of the Financing will be consummated.
Highlights of the Financing
The Financing is expected to support the Company for its near-term objectives and milestones of delivering HEVO solutions to contracted clients and achieving its 2023 revenue guidance and further developing the Company's project portfolio and the sale of these projects to infrastructure investors, as well as to provide additional funding for general working capital needs.
The Financing will be conducted in multiple tranches in which Macquarie purchases from the Company and the Company issues and sells to Macquarie (a) convertible notes at an issue price equal to 98% of the principal amount of the notes and (b) warrants to purchase such number of the Company's ordinary shares as shall equal (x) 30% of the aggregate amount funded by Macquarie in consideration for the related convertible notes issued, divided by (y) the ...