15th Jan 2016 17:05
LONDON (Alliance News) - Tricor PLC on Friday said it has drawn down a further GBP6,000 under the working capital facility provided by Ellwood International Ltd.
As a result, and in accordance with its agreement with Ellwood, Tricor has issued 1.6 million shares at 0.38 pence each to Ellwood, as well as 6.3 million warrants to subscribe for new shares, exercisable at 0.5p each.
Following this, Ellwood now holds 55.6 million shares in Tricor, representing 30% of its issued share capital. Ellwood also holds 192.6 million warrants to subscribe for new shares at an exercise price of 0.5p.
In addition, Tricor said it has drawn down the first GBP10,000 under the GBP50,000 working capital facility provided by Reed Works Ltd, in exchange for 0% unsecured convertible loan notes of the same amount.
The notes may be converted at any time before the end of 2018 into new shares at the conversion rate of 0.3p each.
Shares in Tricor were untraded on Friday, last quoted at 0.400 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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