Leclanché SA: Leclanché SA reports an extension of the maturity of its bridge loan until the end of July 2013
June 28, 2013 | by Christophe Lamps
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June 28, 2013, Leclanché S.A., specialized in the production of large-format lithium-ion cells and energy storage solutions, announced today that Bruellan Corporate Governance Action Fund (“Bruellan”) has agreed to extend the maturity date of the entire bridge loan from June to July 31, 2013 or such earlier date as to coincide with a possible refinancing of the Group.
Leclanché continues to investigate financial and strategic alternatives to cover its medium term funding needs. Discussions with potential investors are on-going, but at this stage no definitive solution has been secured for the future funding of the company. Taking into account the loan extension and current cash preservation measures, Leclanché expects to continue to be financed until mid-July 2013.
Leclanché had announced on November 23, 2012 that its German subsidiary, Leclanché GmbH, had obtained a € 5 million/CHF 6 million bridge loan from Bruellan to cover its short term funding needs. The loan is secured with assets of Leclanché GmbH. The parties have agreed that following a capital increase to raise further funds for Leclanché SA, and on terms to be agreed between the parties, the lender shall have the right to convert the loan into shares of Leclanché SA and that the lender shall be awarded warrants to purchase shares of Leclanché SA.
On Mai 21, 2013, Leclanché had further announced that Bruellan had agreed to increase the bridge loan of EUR 5 million granted to Leclanché GmbH by an additional EUR 1.5 million to provide for additional time to the Company to pursue its fund raising efforts. The additional EUR1.5 million shall, however, not be capable of being converted into shares, but shall be repayable in full on maturity.
Media Contact:
Christophe Lamps Dynamics Group S.A. Phone: 079 476 26 87 cla@dynamicsgroup.ch
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Source: Christophe Lamps, Press release