10th Feb 2015 14:05
LONDON (Alliance News) - PeerTV PLC said Tuesday it has signed a deal with YA Global Master SPV Ltd for a convertible loan facility of up to USD2 million.
PeerTV said that first two tranches of the facility totalling USD295,000 will be used to buy new machinery and for working capital.
The facility has an interest rate of 12% per year, payable through the issue of new ordinary shares of PeerTV at a price of 90% of the lowest volume-weighted average price for the ten trading days ahead of the interest payment date. Repayment is due two years from the date of drawdown of each tranche.
Shares in PeerTV are trading up 2.7% at 0.950 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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