26th Feb 2019 14:38
LONDON (Alliance News) - Amphion Innovations PLC said Tuesday it has amended the terms of its convertible promissory notes by extending the date which they were due.
Shares in the medical and technology investor were up 13% Tuesday at 0.45 pence each.
The GBP6.6 million notes were due on December 31 but have been extended by twelve months and are now due at the end of 2019.
The notes will be converted into shares at the pre-existing conversion price of 3p per share.
Interest will accrue on the notes beginning March 31 and will be payable quarterly. The rate of interest is unchanged at 10%, if Amphion pays it in cash and 12% if the interest is satisfied in shares.
As part of the extension, the noteholders will be entitled to two warrants for every GBP1 held. Each warrant granted can be swapped for shares at 3p each, exercisable until the end of 2020.
Amphion will be granting 13.1 million warrants.
Related Shares:
AMP.L