29th Jan 2016 08:52
LONDON (Alliance News) - Challenger Acquisitions Ltd on Friday said it has raised GBP1.0 million through a convertible loan note issue and has bought a further stake in the New York Wheel project.
Challenger said it has agreed to a secured convertible loan note facility worth up to GBP4.0 million, of which GBP1.0 million has been issued. The notes are convertible into Challenger shares at 80.00 pence per share.
Using the funding, the group has invested another USD1.0 million in the New York Wheel Investor LLC vehicle, the company set up to fund the building of the New York Wheel, a 630 foot observation wheel being constructed in the New York borough of Staten Island.
The acquisition will raise Challenger's stake in New York Wheel to around 3.0%.
The balance of the funds raised will be used for general corporate purposes.
Shares in Challenger Acquisitions were up 2.4% to 29.83p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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