18th Oct 2016 08:41
LONDON (Alliance News) - Challenger Acquisitions Ltd on Tuesday said it has raised GBP350,000 by issuing a new unsecured convertible loan note that is due on April 13, 2018, securing an initial GBP250,000 with the rest to follow in the next 30 days.
The funds will be used to support ongoing development of Challenger's pipeline of 25 giant observation wheels and for working capital.
The loan note holder can convert a maximum of GBP10,000 per day into shares or equal to 15% of the daily trading volume on the day of conversion, whichever is greater, and that can be exercised at a price of 25.0 pence or the lowest volume weighted average price over the five days prior to conversion, whichever is lowest.
Challenger shares were untraded on Tuesday, last trading at 17.0 pence.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
CHAL.L