SeaEnergy extends £2 mln facility until October 2010

SeaEnergy (AIM: SEA) has agreed to extend the terms of an existing £2 million short term facility, agreeing to repay £0.5 million and lender LC Capital Master Fund extending the repayment of the remaining £1.5 million until 24 October 2010 at an annual interest of 4%.

The first drawdown was made on 24 July 2008 and the repayment deadline was then extended from January 2009 to July 2009 and then January 2010.

In return for this and the previous extensions, the company agreed to grant warrants to subscribe for up to 250,000 shares to LC at 60 pence per share, which was the stock’s closing mid market price on 22 January 2010, which will be exercisable for three years.

SeaEnergy has confirmed earlier this month that its joint venture with Portugal’s EDP Renovaveis S.A. (EDPR) was awarded acreage by The Crown Estate to develop offshore wind farms in the Moray Firth, Scotland, with an approximate installed capacity of 1.3 GigaWatt as part of the UK Round 3 awards, enough to power 730,000 homes.

Under the terms of the agreement, signed by EDPR, SeaEnergy’s 80%-held unit SeaEnergy Renewables Ltd and The Crown Estate, the companies have been awarded the exclusive rights to develop wind farm sites within the Zone 1 of the latest round.

Shares in the company last traded at 61 pence per share.  http://www.proactiveinvestors.co.uk/companies/news/12571/seaenergy-extends-2-mln-facility-until-october-2010-12571.html