27th Apr 2022 20:19
Supply@Me Capital PLC - London-based inventory monetisation platform - Plans to raise an initial GBP7.5 million via a discounted equity agreement which will be used to repay some of its outstanding loan notes. Company has agreed to issue shares to Luxembourg investment company Venus Capital SA in exchange for cash, which will be drawn down in a number of tranches up to December 31, 2023. The shares will be issued at 0.05 pence each, half of it closing price of 0.10p on Tuesday. Company will also enable its existing shareholders to participate in an open offer in order to offer existing shareholders the ability to acquire shares and warrants at the same subscription price as Venus Capital's capital raise mandatory tranches. Funds will be used to repay GBP678,333 of outstanding convertible loan notes and to repay the balance of the outstanding loan note instrument to Mercator Capital Management Fund LP.
Supply@Me also delays publication of annual results "slightly" so audit process can complete.
Current stock price: 0.070 pence, down 30% on Wednesday
12-month change: down 81%
By Arvind Bhunjun; [email protected]
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