MelodyVR Group PLC - London-based virtual reality content and music streaming - Under an investment agreement, Swiss investment firm Nice & Green SA will subscribe for convertible loan notes totalling GBP6.5 million, which will be issued over a 12-month period.
Notes can be converted into shares and will have a conversion price calculated with reference to 93% of the lowest daily volumes weighted average price during the six trading days preceding the date of notice of conversion.
Proceeds from the loan note issue will go towards supporting the development and launch of the new mobile app which will combine the content from the Napster and MelodyVR businesses to form a new music platform during the course of 2021.
Will also issue shares at a price of 3.3 pence each through offer via PrimaryBid.com.
"We are delighted to announce this convertible funding which will support the development of our new Napster music service throughout the course of 2021, whilst remaining in the best interest of shareholders due to the principal terms of the agreement. We are pleased to welcome Nice & Green as strategic investors into our company and look forward to working together more closely," said Chief Executive Officer Anthony Matchett.
Current stock price: 3.50 pence
Year-to-date change: down 9.8%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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