30th Jul 2014 09:30
LONDON (Alliance News) - PeerTV PLC shares dropped heavily Wednesday morning after the company said it completed a discounted share placing and secured an equity facility.
Shares in the company were down 20% to 0.5 pence early on Wednesday, making them the biggest faller on AIM.
The technology solutions provider raised GBP210,000 via a placing of 42 million shares at 0.5 pence each.
It has also entered into a deal with YA Global Master SPV, an investment fund managed by Yorkville Advisors Global LP, under which the latter will provide an equity facility of GBP1.5 million under a standby equity distribution agreement.
Under the terms of the deal, PeerTV can draw on the facility at any time over a period of up to three years in exchange for shares in the company. The new shares will be issued at a discount to the market price at the time of either 2% or 7%, with a 3% fee deducted as well.
By Sam Unsted; [email protected]; @SamUAtAlliance
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