Ambrian: Placing Agent and Financial Adviser in £2.5m Convertible Loan Note Placing for Rurelec plc

Ambrian Partners Limited (“Ambrian”), the wholly-owned subsidiary of Ambrian Capital plc, is pleased to announce that it acted as placing agent and financial adviser in the £2.5 million convertible loan note placing by Rurelec plc (“Rurelec”) (AIM:RUR), the developer, owner and operator of power generation capacity in Latin America.

Rurelec announced on 10 September that it had placed £2.5 million of unsecured 12% convertible loan notes due in March 2011 (“Convertible Loan Notes”) to support the refinancing of its Argentine power generation business, Energia del Sur (“EdS”), and for general working capital purposes. Rurelec’s funding of EdS is intended to strengthen further the balance sheet of EdS in anticipation of the grant of a satisfactory debt rating.

The Convertible Loan Notes carry a coupon of 12% and are convertible at an effective conversion price of 25 pence per ordinary share. Conversion of all the Convertible Loan Notes would result in the issue of 10 million new ordinary shares. The Convertible Loan Notes will not trade on any exchange, but will be transferable. Subscribers of the Convertible Loan Notes are being granted a total of 10 million transferable warrants to subscribe for new ordinary shares on the basis of one new ordinary share for each warrant in each case at the same effective conversion price of 25 pence per ordinary share. Expiry of the warrants will be coterminous with the Convertible Loan Notes at March 2011.

About Ambrian Capital plc

Ambrian Capital (AIM: AMBR) is the holding company of Ambrian Partners Limited, Ambrian Commodities Limited and Ambrian Metals Limited.

Ambrian Partners Limited is a specialist investment bank focused on the metals & mining, oil & gas and cleantech sectors. It provides corporate finance advice, equity research, sales and trading and market making services. Ambrian Partners was ranked first in the AIM Basic Materials Sector in the Hemscott 2nd Quarter 2009 Advisers Rankings Guide. Ambrian Partners is a member of the London Stock Exchange and is authorised and regulated by the Financial Services Authority.

Enquiries:

Richard Swindells, Corporate Broking
Andrew Craig, Corporate Finance
Ambrian Partners Limited
Tel: +44 (0)20 7634 4700

Charlotte Kirkham/Ben Simons
M: Communications
Tel: +44 (0)20 7153 1531/1540

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