LONDON, Sept. 11 /CNW/ - Doosan Babcock jointly with Doosan Heavy
Industries of Korea have announced that the transactions contemplated under
the previously announced subscription agreement with HTC Purenergy Inc.
("HTC") have now closed. Doosan Babcock and Doosan Heavy Industries paid
CDN $10 million for 2,500,000 common shares of HTC (CDN $4.00 per common
share) acquired on a private placement basis. The subscription agreement was
first announced September 3, 2008.
Doosan Babcock and Doosan Heavy Industries did not own any shares of HTC
prior to this acquisition. Doosan Babcock and Doosan Heavy Industries intend
to hold the common shares as an investment.
Under the terms of the subscription agreement, Doosan Babcock and
Doosan Heavy Industries have the right to participate in any offerings of
common shares by HTC to the extent of Doosan Babcock and Doosan Heavy
Industries' percentage ownership of common shares and have the right to have
one person nominated and recommended by management of HTC for election to the
board of directors, as long as Doosan Babcock and Doosan Heavy Industries own
not less than 2,300,000 common shares comprising not less than 7.5% of the
issued and outstanding common shares of HTC.
Doosan Babcock, Doosan Heavy Industries and HTC also entered into a
piggyback registration agreement providing for, among other things, the grant
by HTC of registration rights, if at any time HTC proposes to file a
registration statement under the United States Securities Act of 1933.
Notes to Editors
About Doosan Babcock
Doosan Babcock designs, supplies and constructs advanced steam generation
technology for the power industry. We develop some of the cleanest, most
efficient coal-powered plant in the world. Doosan Babcock is also a leading
energy services company operating in the thermal power, nuclear, oil & gas and
petrochemical industries. Through our innovation we support and enhance the
service life of energy assets across the world. With global headquarters in
the UK, Doosan Babcock employs around 5,000 personnel.
Doosan Babcock is a wholly owned subsidiary of Doosan Heavy Industries
and Construction, which is a part of the Korean based conglomerate Doosan
HTC is a publicly traded (HTC:TSX-V) energy technology product
development company, that collaborates with the University of Regina,
Saskatchewan, Canada. It is one of the world's leading companies that is
commercialising CO(2) Capture Technology for power generation facilities.
For further information:
For further information: Matt Tapsell, Doosan Babcock, Tel: +44 (0) 1293
584887, E-mail: MTapsell@doosanbabcock.com; Katharina Lindemann, Hill &
Knowlton, Tel:+44 (0) 20 7413 3092, E-mail: