31st Oct 2018 12:16
LONDON (Alliance News) - WideCells Group on Wednesday said it issued 2 million shares to European High Growth Opportunities Securitization Fund after receiving a notice of exercise pursuant to a bond offer.
WideCells shares were trading down 17% at 0.38 pence each.
Admission of the new shares to trading is expected next Tuesday, following which, WideCells will have 141.4 million shares in issue.
At the end of September, Widecells said it entered into an issuance agreement with European High Growth to secure GBP2.7 million worth of funding in return for bonds convertible into shares with attached warrants.
Under the terms of the deal, there will be three initial tranches of the bonds, with GBP635,000 to be disbursed upon signing the contract, GBP1.0 million to be deliver at either the later of November 15 or once a prospectus has been validated and approved by the Financial Conduct Authority, and GBP265,000 to be automatically disbursed three calendar months after the second tranche.
Following all this, there will be four tranches each of an aggregate nominal value of GBP200,000.
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WDC.L