PHOENIX, Jan. 12, 2011 /PRNewswire/ -- EnviroMission
Limited (ASX: EVM; Pink Sheets: EVOMY) has secured a AUD$30,000,000
hybrid debt/equity funding facility to meet EnviroMission's
commercialization objectives for Solar Tower renewable energy power
station development.
The hybrid debt/equity agreement with AGS Capital Group will
provide EnviroMission with the ability to place EnviroMission
securities with AGS Capital Group on an as required basis or at
intervals when market conditions support a debt/equity
transaction.
New York based AGS Capital
Group is a private investment fund with global reach and presence
that has facilitated the growth of companies in the United States and companies domiciled in
foreign markets.
AGS Capital Group has committed to provide EnviroMission with
funds for working capital that will include the completion of site
specific front end engineering and design currently being
undertaken by Arup for Solar Tower development in the United States.
This funding will also facilitate the acquisition of sites
specified for Solar Tower development and will provide the
necessary capital to complete regulatory and permitting
requirements necessary to meet the development timetable outlined
within the Southern California Public Power Authority (SCPPA) Power
Purchase Agreement.
"The AGS Capital Group provides innovative and flexible debt and
equity financing solutions for companies at varied stages of
operation, including growth-stage, mature public companies or
companies that may be seeking public listings, but only after
they have undergone extensive due diligence to assess their overall
project/investment viability.
"I am pleased to announce that EnviroMission successfully
satisfied AGS Capital Group's independent scrutiny and due
diligence to secure this very important funding facility," said
Roger Davey, EnviroMission's Chief
Executive.
"This funding will allow EnviroMission to complete the next
critical stages of development with confidence there will be
adequate financial means to deliver Solar Tower development through
to ultimate project financing," Mr. Davey said.
SOURCE EnviroMission Limited