Active Energy Group PLC (AIM:AEG, OTCQB:ATGVF), a specialist in renewable energy products from biomass, announced new funding, changes in its board, and a joint broker appointment.
On October 15, Active Energy reported it had received a £125,000 loan from Zen Ventures. This funding aims to complete the company's financial audits for the 2023 fiscal year and mid-year 2024.
Following this, Zen agreed to lend another £75,000, bringing the total loan to £200,000. The debt is being offered in the form of loan notes, a tranche of which will be converted to give Zen a 29.9% holding in AEG.
The company's stock remains suspended, where it has been inactive since July 1.
The company stated that trading could resume once both annual and interim reports are filed, expected by December. However, if the reports are delayed past six months, Active Energy's AIM listing will be cancelled.
Alongside the funding announcement, the company said board members Max Aitken and Jason Zimmerman had stepped down, allowing Zen Ventures to propose two new members. Further updates on board appointments are expected soon.