Posted: July 21, 2009

Energenics Placement And Product Order

(Nanowerk News) Antaria Limited today announced it had reached an agreement with its strategic partner Energenics Holdings Pte Ltd of Singapore that will see Antaria increase its working capital reserves by an amount in excess of A$1.5 million and allows Energenics to have additional resources to continue with its own business development.
This working capital injection will be achieved by a private placement to the Energenics group to raise A$1 million (4,545,455 ordinary shares at an issue price of 22 cents per share) and the receipt of US$437,000 in relation to an irrevocable order for the supply of Cercat™ for progressive delivery between now and June 2010. Completion of the placement and receipt of all funds will take place in two weeks time.
Pursuant to a deed which varies the provisions of a Subscription Agreement entered into in June 2007, the balance of Energenics’ previously contracted subscription commitment, being a further A$2 million placement (9,090,909 ordinary shares at an issue price of 22 cents), has been deferred until June 2010.
Consistent with the terms of the Subscription Agreement, concurrent with each of the placement in two weeks and the deferred placement, Antaria will issue Energenics with one option for every three new shares subscribed for at an exercise price of 30.8 cents per share expiring on 30 June 2012.
Bruce Cameron, Executive Chairman of Antaria stated “We are pleased to have achieved this revised arrangement with Energenics, and their purchase commitment provides welcome predictability in relation to our production requirements for Cercat™ this year. Energenics restoring Cercat™ production at Antaria to levels achieved in the past would be an exciting development for both groups.
This order, a multiple of four on last year’s volume, should be seen as a step on that path. More importantly, the additional working capital can be used to support the expected growth of our ZinClear-IM® sales which remains the primary focus of Antaria for now and the immediate future.”
Ronen Hazarika, CEO of Energenics issued the following statement; “I’m delighted that we are able to continue to support the growth of Antaria and increase our ownership also. We have made this substantial order commitment to underpin our business with existing customers, and also to be used to service the pipeline of opportunities maturing in the US & European transportation markets.”
About Antaria
Antaria Limited develops, manufactures and sells a range of advanced metal oxide powders and dispersions worldwide. Antaria’s products include: ZinClear® – broad spectrum, mineral-only UV filters in cosmetic emollients used for sunscreen,skincare, and pharmaceutical formulations that allow SPF 30+ sunscreens containing only zinc oxide as the UV absorber; Cercat™ – cerium oxide particle dispersion used in diesel fuel applications; and NanoZ™ – zinc oxide additives that allow stable UV absorber performance for coatings and plastics. In 2009, Antaria also exclusively licensed its plate-like alumina technology to Merck KGaA, Germany for use in Merck’s cosmetics and industrial products.
About Energenics Pte Ltd
Energenics is a supplier of alternative energy solutions and technologies, providing customers access to switched or phased renewable fuels programs that deliver both energy use and gas emission reductions at zero or minimal capital cost. Energenics is incorporated in Singapore and is rapidly becoming a market leader in delivering turnkey biofuel & energy efficiency projects to fleet users using innovative technologies either developed in house or licensed in from technical partners. Mr. Hazarika is the original inventor of technology protected by patents relating to coated cerium oxide nanoparticles used as a fuel-borne catalyst owned by Neuftec Limited and now licensed to Energenics. In 2008, the UK High Court successfully upheld Neuftec's license rights in relation to a claim brought by Oxonica Energy Limited.
Source: Energenics (press release)
Subscribe to a free copy of one of our daily
Nanowerk Newsletter Email Digests
with a compilation of all of the day's news.
These articles might interest you as well: