18/10/2016 - 15:15

Enerji flags debt problems

18/10/2016 - 15:15

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Thermal energy company Enerji has requested its shares be halted from trade after receiving a letter of demand from one of its large creditors.

Enerji flags debt problems
Enerji takes waste heat from power generation and industrial processes and turns it into zero emission electricity.

Thermal energy company Enerji has requested its shares be halted from trade after receiving a letter of demand from one of its large creditors.

In a brief statement today, Perth-based Enerji said it would release details of the letter sent by an undisclosed creditor by no later than Thursday.

“The company advises that this is not in relation to the settlement of amounts owing to Opcon AB which is a condition precedent to the transactions with EC&M,” it said.

Last week, Enerji said it was unable to satisfy conditions precent to the ECM transaction, which had an end date of October 31.

However it is in discussions with ECM to amend existing terms of a subscription agreement, with a likely extended end date of December 31.

Enerji’s shares will be suspended from trade until Thursday at the latest.

They were last worth 0.5 cents each.

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