16th Sep 2019 11:12
(Alliance News) - Veltyco Group PLC on Monday said it has raised EUR300,000 pursuant to a subscription for convertible loan notes with an existing investor.
The stock was trading 53% higher in London on Monday at 4.88 pence a share.
The online marketing and operating company said the proceeds of the convertible loan will be used for general working capital purposes.
The loan has a three-year term and a 10% coupon, Veltyco said, payable in arrears at the end of each quarter, with the first instalment due to be paid at the end of 2019. This loan is convertible at any time by the undisclosed investor at a price of 8p per share.
The loan will automatically convert into shares if the closing mid-market price of Veltyco share is 15p or more for 25 consecutive business days.
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VLTY.L