3 May 2023

Verditek PLC

("Verditek" or the "Company")

 Issue of Secured Convertible Loan Notes 2025 

Verditek plc (AIM:VDTK), the international clean technology company that develops, manufactures and sells lightweight solar panels, is pleased to announce that it has agreed to raise £500,000 before expenses, by the issue of Secured Convertible Loan Notes (the"Notes"). Completion is expected in the next week.

Convertible Loan Notes

The Notes carry a coupon of 7 per cent. per annum which is payable on the redemption date or earlier if converted. The Notes are redeemable 2 years from the date of issue and are convertible at the option of the noteholder into ordinary shares in the Company at the lower of 1.0625 pence  per share (being the average VWAP - volume weighted average price - of the Company's ordinary shares for the 30 days prior to the agreement of the terms of the Notes) or the subscription price per ordinary share of any fundraising over £250,000 in the  6 months from the issue of the Notes. The maximum issue of ordinary shares in the Company if the Notes are converted just prior to redemption including interest due would be 53,647,059 representing 12.1 per cent. of the existing issued share capital of the Company. Existing authorities will allow the issue of these ordinary shares.

Verditek will use the proceeds of the bond issue principally to repay the Crowd for Angels Bonds (approximately £325,000 in aggregate) which were due for repayment on 18^th May 2023 (£221,605) and 3rd August 2023 (£103,253) and to provide additional working capital.

Related Party Transaction

Gavin Mayhew, a Non-executive Director of the Company, has agreed to subscribe for £165,000 of the Notes. John Celaschi, who is a significant shareholder in Verditek holding 11.295 per cent. of the issued ordinary share capital of the Company has agreed to subscribe for £110,000. Gavin Mayhew and John Celaschi's participation in the issue of Notes constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules.

The independent directors of Verditek consider, having consulted with the Company's nominated adviser WH Ireland, that the terms of Messrs Mayhew and Celaschi's participation in the Notes are fair and reasonable insofar as the Company's shareholders are concerned.

Rob Richards, CEO of Verditek, commented: "I am delighted that a number of long-term shareholders, including a director, have demonstrated their belief in the future of the Company."

For further information:

 Verditek plc   

Rob Richards, CEO                                                                           Tel: +44 (0)20 7129 1110

John McCall, Interim CFO

WH Ireland Limited - NOMAD and Broker

Chris Hardie                                                                                        Tel: +44 (0)20 7220 1666

Hugh Morgan

Andrew de Andrade

About Verditek plc

AIM listed Verditek plc is a holding company of a business operating within the green technology sector. The Company is focused on commercialising our lightweight low-profile solar panel business. With manufacturing based in Lainate Italy, we have developed renewable power solutions for our customers that drive solar energy into applications previously unachievable. The exceptional properties of our solar panels replace diesel fuel in business such as perishable goods transport, off-grid telecommunication towers, electric vehicle charging stations, residential and holiday home power solutions and solar roofing for light-weight industrial roofing. In addition to our current photovoltaic panels in production, we have partnered with an outstanding leader in graphene technology, Paragraf. We are working together to engineer the technology for commercialisation.

For more information please visit or contact the following:  https://verditek.com/

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.