6th Jan 2020 11:23
(Alliance News) - Shefa Gems Ltd on Monday said Chief Financial Officer David Ben David has agreed to invest USD50,000 in the company via a convertible loan.
Shefa Gems focuses on gemstone exploration and development projects in northern Israel.
In November, Ben David had invested USD200,000. Under the terms, the convertible loan has rolled up interest at 5%, convertible into ordinary share at 5 pence each until March 31. After the loan is converted, Shefa Gems must grant its lender one unlisted warrant per conversion share.
If Shefa Gems's share price does not hit 10p per share within 24 months of conversion, the lender is to receive further shares so as to issue GBP389,080 worth of shares in total to the lender.
Chair Michael Rosenberg said: "We are delighted in this investment which demonstrates the confidence that our CFO has in the company."
Shares in Shefa Gems were untraded in London on Monday at 3.55p each.
By Evelina Grecenko; [email protected]
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