14D secures institutional investment of up to $4.7m

Highlights

• Up to A$4.7 million investment by US institutional investor, Lind Global Fund II, LP, an entity managed by New York-based firm, The Lind Partners (together, Lind).
• Under a Share Subscription Agreement 14D will receive an initial A$1.3 million, with up to a further A$3.4 million in funding available over 12 months under a Monthly Purchase Agreement.
• The Monthly Purchase Agreement is a staged private placement of up to $3.4 million in monthly instalments of between A$50,000 and up to A$300,000 monthly over a 12-month period (unless extended), with an initial instalment of A$100,000.
• Proceeds from the investment will be used to fund industry placement of the Company’s SIBox technology, development of the Aurora Precinct grid scale battery and the Company’s general working capital requirements.

1414 Degrees Ltd (ASX: 14D) (“1414 Degrees” the “Company”) a developer of energy storage products for industrial decarbonisation and hydrogen production is pleased to announce that it has entered into agreements with Lind Global Fund II, LP (Investor) pursuant to which the Investor will provide up to A$4,700,000 in funding to the Company to subscribe for fully paid ordinary shares in the Company (Shares) under two agreements as follows:

• • (Share Subscription Agreement), the Investor will make a payment of A$1,300,000 (Advance Payment Amount) (less any applicable offset) to the Company, as a prepayment for Shares to be issued to the Investor (Subscription Shares) for a deemed subscription value of A$1,560,000 (Subscription Amount), with the Subscription Shares to be issued within 24 months from the date of payment of the Advance Payment Amount in accordance with the terms of that agreement; and
  • (Monthly Purchase Agreement), the Investor will subscribe for Shares (Tranche Shares) by making payments of up to A$3,400,000 in aggregate to the Company in monthly tranches ranging between A$50,000 to A$300,000 over 12 months (Tranche Amounts), with an initial Tranche Amount of A$100,000 (First Tranche Amount), in accordance with the terms of that agreement.

Executive Chairman, Dr Kevin Moriarty, said “We benefited from Lind investment in our formative phase and are pleased continue working with Lind to support roll-out of our SiBox technology in industrial trials and taking our Aurora Energy Precinct projects to ready to build status.”

Jeff Easton, founder of The Lind Partners, said:

“Lind was a seed investor in 1414 Degrees prior to its IPO. Lind continues to believe in 1414 Degrees, and was delighted to be selected by 1414 Degrees to re-invest so as to support 1414 Degrees’ product roll-out. We look forward to working with the team and supporting the business as it enters it next phase of growth.”