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Environmental Clean Technologies secures funding for project in India

Environmental Clean Technologies (ASX:ESI) has entered into a $3-5 million financing arrangement for its proposed Coldry-Matmor project in India.
Environmental Clean Technologies secures funding for project in India
Environmental Clean Technologies secures funding for project in India

The proposed integrated Coldry-Matmor process pilot plant will enable steel production using ESI’s proprietary process of reducing moisture in lignite and purification of iron ore.

The $3-5 million financing arrangement has been signed with Equities First Holdings (EFH) to fund the Indian project’s detailed design and engineering stage.

This arrangement involves qualifying investors entering into funding facilities with EFH for the sole purpose of financing their ESI options conversions at an interest rate of 5.5% to 6% per annum.

Furthermore, ESI has entered into a term sheet with its existing R&D debt provider Brevet Capital Advisers to fund an estimated $10 million contribution for executing the proposed Indian project.

The Brevet funding facility, along with the EFH facility, provides the required strategic platform to complete the funding needs of the company’s project in Neyveli, India.

Earlier this month, ESI commenced the engineering phase of the project, along with its Indian project partners.

The basic design process will commence immediately to set the groundwork for the more comprehensive detailed design process.

Shares in Environmental Clean Technologies are trading up 54% over the past six months, currently priced at $0.017.

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