METROELECTRIC PLC
("Metroelectric" or the "Company")
Issue of Convertible Loan Notes
Metroelectric is pleased to announce that the Company has issued £250,000 unsecured, convertible loan notes ("Loan Notes") to Gatcombe Holdings Limited a company owned by Edward D'Angelo. The Loan Notes are convertible at a price of 0.1 pence per share and are exercisable at any time up to 26th October 2015. The annual interest payable on the Loan Notes is 5% per annum. The majority of the funds raised will be used to settle outstanding debts and the rest to provide the Company working capital.
In addition, Metroelectric is pleased to announce that Powabyke EV Ltd (Powabyke"), the Company's subsidiary has acquired Eveport Ltd for a sum of £10,000 in cash. As part of this acquisition, Powabyke EV ltd will be assuming control of client management and accounting systems which will assist in the distribution of Powabyke products.
The Directors of the Company accept responsibility for this announcement.
Enquiries:
Metroelectric Plc
Greg Collier
Tel: 078 3018 2501
Peterhouse Corporate Finance Ltd
Eran Zucker/Fungai Ndoro
Tel: 020 7469 0932