NASDAQ FIRST NORTH: CBM
ISIN: GB00BD1LVD21
10 July 2019
Cleantech Building Materials PLC
Cleantech Building Materials PLC announces the signing of a €15,000,000 Subscription Agreement to finance the first Accoya® wood factory in Asia
On 9 July 2019 Cleantech Building Materials PLC (“CBM” or the “Company”) announced that its subsidiary Diamond Wood China Limited (“Diamond Wood China”) had entered into an Investment Framework Agreement with Nantong Acetic Acid Chemical Company Ltd (“NTAAC”), an international Chinese Chemical group, to build the first Accoya® wood factory in China.
CBM is now pleased to announce the signing of a Subscription Agreement for €15,000,000 with a private family office (the “Investor”). The Company will use these funds to finance its share of the project financing to construct the Accoya® wood factory in China. The Accoya® wood factory has an initial design capacity of 160,000 m3, and ultimate target annual capacity of 480,000 m3.
Under the terms of the Subscription Agreement the Investor will purchase shares in CBM at €1.25 per share for a total equity investment of €15,000,000 in accordance with the Investment Framework Agreement entered into with NTAAC.
Accoya® wood is an innovative building material produced using a cutting-edge patented technology, which enables timber to resist rot, defy the elements and stay strong for decades. Guaranteed for 50 years above ground and 25 years in ground or freshwater, Accoya® wood performance and properties stands up to every application challenge: wood decking, wood cladding, outdoor furniture, landscape timbers, sidings, wooden windows and more. (www.accoya.com)
Commenting, Paul Richards, Chairman of Cleantech Building Materials, said: “We are delighted to have the financial backing of this important new investor, which builds on the recent announcement with NTAAC to produce and commercialise Accoya® wood in China and South East Asia.”
THE DIRECTORS OF CLEANTECH BUILDING MATERIALS PLC ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT
Further information may be found at the Company's website at www.cbm-plc.com or by contacting:
Cleantech Building Materials plc
Jason Wang, CEO +44(0) 203 934 6630
Certified Adviser:
Keswick Global AG
info@keswickglobal.com +43 (1) 740 408 045
IFC Advisory Limited (Financial PR and IR)
Tim Metcalfe +44 (0) 203 934 6630
Miles Nolan
Notes to Editors
Diamond Wood China has an exclusive licence from Titan Wood Limited, a wholly owned subsidiary of Accsys Technologies plc (AIM: AXS), to produce and sell Accoya® wood in China and the ASEAN countries. On 23 December 2016, CBM acquired Diamond Wood China and the shares of CBM were admitted to trading on the Nasdaq First North market in Copenhagen.