Libertine Holdings, a developer of Linear Generator technology based in Sheffield, has secured a bridging loan agreement with Reliant FZCO to support the finalization of new investment. This agreement comes after recent news that Libertine Holdings was facing financial challenges and was set to engage an insolvency practitioner due to a lack of short-term funding.
Under the terms of the bridging loan agreement, Reliant FZCO will provide two tranches of £110,000 each. The first tranche is scheduled to be received on 16 August, followed by the second tranche on 14 September, to address the company’s working capital needs. The conditional subscription agreement between Libertine Holdings and Corporate International Financial Services Limited is expected to be terminated in favor of amending the agreement with Reliant FZCO to increase their subscription from £1m to £2m.
Despite these developments, Libertine Holdings is still planning to seek advice from an insolvency practitioner given the financial uncertainty and timing of fund receipts. Trading of the company’s ordinary shares on AIM remains suspended.
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