Midwest Energy Emissions Corp (OTCQB:MEEC), known as ME2C Environmental, announced a debt repayment agreement with Alterna Capital Partners affiliate AC Midwest Energy, in which all ME2C’s existing secured and unsecured debt obligations will be converted into ME2C equity.
ME2C said the existing $0.3 million secured note outstanding in cash, as well as the existing $13.2 million principal amount outstanding under an unsecured note, will be repaid through a combination of cash and stock.
“Alterna is a trusted partner whose ongoing support has enabled us to further strengthen our financial position and secure the bright future of our business,” ME2C CEO Richard MacPherson said in a statement.
“This debt repayment and exchange will fortify our balance sheet through the removal of more than $13.5 million in debt, positioning the company for an anticipated uplisting in 2021,” MacPherson added. “I look forward to leveraging this momentum as we continue to execute upon our business plan, creating sustainable, long-term value for our shareholders.”
The company noted that Alterna is entitled to a certain non-recourse profit share under the unsecured note, which will also be satisfied through a combination of cash and stock.
ME2C is a leading environmental technologies company developing and delivering patented and proprietary emissions solutions to the global power industry. The company’s leading-edge services have been shown to achieve emissions removal at a significantly lower cost and with less operational impact than other used methods, while maintaining and/or increasing power plant output and preserving the marketability of by-products for beneficial use.
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