CANADA: Sustainable Energy Technologies Ltd announced that Doughty Hanson Technology Ventures will extend its $1.5 million standby equity commitment to the company to May 1, 2014.
The standby equity commitment is provided as additional security for the company's operating line with a Canadian Chartered Bank.
Sustainable Energy announced last week a long term multi-megawatt contract to supply smart grid energy storage inverters for Europe's leading manufacturer of solar energy storage systems (See News Release May 16, 2013). Working capital for the production ramp is being self-financed under the supply contract, and the operating line will provide additional working capital as needed for operations.
As consideration for the extension, the Company will issue common share purchase warrants in respect of 3,529,411 million shares to Doughty Hanson. The warrants are exercisable for a period of one year at $0.17 per share.
The extension is subject to approval by the TSX Venture Exchange.