Yes see what you mean MrMc-had forgot all about it
PHEG operations, including the completion of the acquisition of Pyromex, was funded through a continuation of the Hillgrove Investments Pty Ltd, (Hillgrove) Convertible Loan Agreement dated June 19 2012 which allows Hillgrove, at its discretion, to further fund company operations as it has been doing to date. Furthermore, Hillgrove has provided a Letter of Support to ensure that the company’s debts are paid as and when they are due and within the normal course of business. Finally, Hillgrove has extended the maturity date of the note from 8 October 2014, to 7 October 2015. Due to the increase in operational expenses PHEG was required to assume in the wake of the acquisition of the Pyromex companies, Hillgrove requested, and was granted, a fixed and floating charge (debenture) over the assets of PHEG, including all shares of Pyromex Holding, AG, on 24 February 2014.
See the date has now been extended out
To reiterate previously released information, PowerHouse has been relying exclusively on the continuing financial support provided of Hillgrove, and the general support of its creditors. This support has been provided by advances under the Convertible Agreement. As at 31 December 2014, the amount owing to Hillgrove under the Convertible Agreement was $3,402,366. Subsequent to the financial year end, a further $418,392 of advances and interest charged have been provided under the Convertible Agreement. On 26 June 2015, Hillgrove provided a letter of comfort to the Company confirming that it was willing to continue to provide adequate financial support to PowerHouse to ensure the Company may meet its legitimate obligations as and when they fall due, and to ensure it operates as a going concern for a period of at least twelve months from 30 June 2015, pending any unforeseeable or material changes to the Company’s current circumstances. As at 31 August 2015, the amount owing to Hillgrove under the Convertible Agreement was $3,820,758 and future amounts and their timing are to be agreed between the Company and Hillgrove. The Company intends to issue a notice of its annual general meeting to shareholders in due course. The opportunities for the Company continue to grow with inquiries coming from many countries. The full operation of the G3-UHt system in Brisbane will usher in a new era for the company. The G3 will allow us to operate commercially, to make our first sales, and to expand our impact on the world. The facilities in Brisbane and much of the engineering support have been organised by Hillgrove initially on an exploratory basis, but both the Company and Hillgrove expect to formalise arrangements shortly.
LNC Price at posting:
99.5¢ Sentiment: Hold Disclosure: Held
