DISENCO ENERGY PLC ("DIS-V")
- Term Sheet For $10,000,000 Private Placement Financing
Disenco Energy plc ("Disenco" or the "Company")
Disenco Energy plc ("Disenco Energy" or "the Company"), a UK-based provider of highly-efficient micro-combined heat and power (m-CHP) appliances, is pleased to announce that it has entered into a term sheet with Qwatee AG, Zug ("Qwatee") a Swiss private investment fund for financing in the aggregate amount of up to USD$10,000,000.
According to the terms of the agreement, which is subject to TSX Venture Exchange approval, Qwatee will subscribe for approximately 40,666,667 C Ordinary Shares at a price of CAD$0.15 per C Ordinary Share, for a total investment of USD$5,000,000.
On or before May 30, 2009, Qwatee will subscribe for an additional 40,666,667 C Ordinary Shares (subject to adjustment based on the exchange rate at closing) at a price of CAD$0.25 per C Ordinary Share, for an aggregate investment of USD$10,000,000.
The Company intends to pay finders´ fees of 10% of the aggregate amount raised in the financing.
The proceeds from the financing will be used to accelerate the development and commercialization of the Disenco Home Power Plant.
The financing and the finders´ compensation remain subject to the approval of the TSX Venture Exchange.
On Behalf of the Board of Directors
Brian Longpre
Press and Investor Enquiries:
Brian Longpr e
Disenco Energy plc
Tel: +44 114 261 5180
About Disenco Energy plc
Disenco is a home energy green power source alternative company focused on distributing a low-cost, highly efficient, green-alternative to heat and hot water production. Its unique HomePowerPlant (HPP) appliance will enable homeowners and small businesses to dramatically reduce their annual energy bills by approximately 35% per annum, while shrinking its household annual emissions (carbon footprint) by up to 66%. The Company´s flagship product, the Disenco HPP - a micro combined heat and power appliance (m-CHP) - will give consumers the chance to produce all their heating and hot water needs from a single source point, with all surplus energy produced automatically re-sold to their respective city´s power grid; thus, generating a home energy cost payback. For further information regarding the Company, please visit www.disenco.com.
Safe Harbor Forward-Looking Statements
Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management´s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
Disclaimer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
