Ceramic Fuel Cells Limited Termination of Bergen Agreement (6606F)

TIDMCFU

RNS Number : 6606F

Ceramic Fuel Cells Limited

24 February 2015

Market

Announcement

24 February 2015

Termination of Bergen Agreement

Ceramic Fuel Cells Limited (ASX/AIM: CFU), a world leader in developing and manufacturing fuel-cell-based, micro power plants, advises that the Share Purchase and Convertible Security Agreement with Bergen Global Opportunity Fund, LP ("Bergen") entered into on 24 March 2014 (the "Agreement") has been terminated by the parties in accordance with its terms. The balance of the Convertible Securities (US$265,000) previously issued by CFU to Bergen will run their full course as previously announced, until converted. At the time of this announcement there were no outstanding equity tranches to be settled, however, one final equity tranche may be issued by the Company to Bergen. Bergen holds 24,800,000 options exercisable at a price of $0.0378 on or before 24 March 2018.

Mr Bob Kennett, Managing Director, said that Bergen has provided substantial funds to CFU under the Agreement, and those funds have assisted in further development of CFU's technology and in bridging CFU to utilising the increased German federal government support system and, most importantly, the first third-party fully funded BlueGEN programme in the UK, as announced to the market on 17 November 2014. He said that CFU appreciates Bergen's support during this transformative period for the Company.

-End-

 
For more information please contact: 
 
    Ceramic Fuel Cells Limited 
       Clifford Ashby          Tel.     : +61 (0) 3 9554 2300 
        (CFO)                   Email    : investor@cfcl.com.au 
                                Tel.     : +44 776 4200661 
        Bob Kennett (CEO)       Email    : investor@cfcl.com.au 
               Arden Partners Plc (AIM Nomad) 
                Steve Douglas 
                Michael McNeilly Tel. : +44 (0) 12 1423 8900

This information is provided by RNS

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END

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