17th Dec 2015 11:32
LONDON (Alliance News) - Zoo Digital Group PLC said Thursday that it has raised GBP500,000 through the issue of a convertible loan note, under identical terms to its existing convertible loan notes.
This means the new loan notes accrue interest at 7.5% per year, payable half-yearly, and their conversion price is at 48 pence per share. Shares in Zoo Digital were up 12% at 7.53p Thursday morning.
The new notes have been issued to Herald Investment Trust PLC.
"The new loan notes will provide additional working capital to the group. As the company noted at the time of its interim results for the six months ended 30 September 2015, the company is actively engaged in commercial discussions with a growing number of significant prospects, and the board remains confident of being able to scale its operations efficiently over time," said Chief Executive Officer Stuart Green in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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