20th Mar 2018 14:28
LONDON (Alliance News) - Upland Resources Ltd said Tuesday it will pay GBP105,000 in commission to the facility providers of its recent GBP3.5 million convertible loan through cash and shares.
Upland will pay the commission fees through GBP65,000 in cash and a further GBP40,000 through the issue of 1.8 million shares at a price of 2.261 pence each, a 10% discount to the average price over the last five days. Shares in Upland were 5.2% lower at 2.37 pence on Tuesday.
In early March, Upland raised GBP3.5 million through private and institutional investors who subscribed to unsecured, interest-free convertible loan notes. The notes - entered into by Tune Assets Ltd, Upland Chairman Norza Zakaria and clients of Optiva Securities - will allow Upland to draw down sums at short notice.
Of these commission fee shares, 505,530 shares - worth GBP11,428 - have been issued to Chairman Norza Zakaria and one of the facility providers.
Related Shares:
Upland Resource
