26th Apr 2016 08:56
LONDON (Alliance News) - Challenger Acquisitions Ltd on Tuesday said it has extended the date of maturity for its existing convertible loan notes to May 6, 2017.
The loan notes are worth GBP2.8 million and were issued in 2015.
Challenger, which designs and builds giant observation wheels, also said it has raised GBP500,000 through the issue of a new unsecured convertible note due April 22, 2018.
The funds will be used to support Challenger's growth strategy and for general working capital purposes.
"We are pleased and appreciate that the current holders of the 2015 notes have agreed to roll-over their current holdings for another 12 months, demonstrating their confidence in our business model and providing us with additional flexibility to execute our business plans," Chief Executive Mark Gustafson said in a statement.
"The funding of GBP0.5 million will help ensure that we continue to develop our pipeline of 25 potential new [giant observation wheel] projects in Starneth. We look forward to keeping shareholders updated with our progress in due course," he added.
Shares in Challenger were trading down 2.6% at 28.00 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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