Environmental Clean Technologies Limited (ASX: ESI) (ECT or Company) is pleased to provide the following update on its capital management activities.
The Company previously advised shareholders (2 Feb 2016) of the establishment of a funding agreement with Brevet Capital, a New York based funds manager.
Today, the Company advises it has drawn AUD1 million under the arrangement on competitive commercial terms.
The loan facility is secured against future AusIndustry R&D Tax Incentive rebates.
The funds will be applied toward continued project work in India, upgrade activities at the Bacchus Marsh test facility and general working capital.