19th Jul 2019 13:20
(Alliance News) - Grand Vision Media Holdings PLC said Friday it raised GBP670,000 through the issue of convertible loan notes to help fund working capital needs for the cinema marketing firm.
The loans notes bear no coupon but are convertible at 15 pence per share and redeemable at the start of July 2021. For every four shares converted, the holders will also receive a warrant to buy another share at 15 pence per share up to two years after the issue of the warrant.
Shares in Grand Vision were 2.8% higher at 8.74 pence in London on Friday.
Should all loan notes and warrants be converted into shares, Grand Vision would issue 5.6 million shares in the company. This is equivalent to 5.5% of the enlarged share capital of the firm.
"This investment provides the working capital to further develop our business plan, consolidating our progress to date for further growth in future", Grand Vision Chief Executive Officer Jonathan Lo said.
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