Silverjet, the British exclusively business class airline, today announces an update on its working capital position and that it has entered into a memorandum of understanding (the "MOU") with a UAE based investor.The MOU entered into April 29, 2008 provides that approximately US $25.0 million (12.7 million pounds Sterling) will initially be invested directly in Silverjet by means of debt and equity. It is anticipated that the equity element will amount to approximately US $8.0 million ; as a result the new ordinary shares will represent approximately 28 per cent of the enlarged share capital. It is expected that a debt facility will be made available to the Company imminently.
The MOU also sets out the intent by the Investor to invest up to a further US $75 million (38.1 million pounds) in the ongoing development of Silverjet and to participate in the international rollout of the Silverjet brand and concept into new markets within the Middle East, the Far East and Africa.
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