23rd Feb 2015 09:54
LONDON (Alliance News) - PeerTV PLC shares dropped more than 16% Monday after it said it has issued just short of 7.75 million new shares, 2.99 million of which relate to its recent convertible loan facility deal with YA Global Master SPV Ltd.
Earlier this month, PeerTV signed a deal with YA Global Master SPV Ltd for a convertible loan facility of up to USD2 million. At the time it said the first two tranches of the facility, totalling USD295,000, would be used to buy new machinery and for working capital.
PeerTV said Monday that it has issued just short of 2.99 million shares at a price of 0.8173 pence per share to YA Global SPV, being the first first conversion of USD37,000, equivalent to GBP24,098 and payment of accrued interest under the convertible note facility.
The company said it also issued 4.76 million shares in part repayment of a loan due by its subsidiary PeerTV Ltd at a price of 1.05 pence. It said the amount of liabilities repaid is GBP50,000.
PeerTV shares were trading 16.5% lower Monday morning at 0.960 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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