LONDON (Alliance News) - Arria NLG said Wednesday that it has raised around USD5.0 million through the issue of unsecured convertible loan notes to an existing shareholder, money it will use to fund its operations and expansion of its commercial activities.
Arria entered into an agreement with the Ikonic Fund SAC Ltd to subscribe for notes in three tranches: GBP1.2 million, or USD2.0 million, of notes by the end of 2014, GBP1.2 million by the end of 2015, and GBP616,000, or about USD1 million, by March 31 2016.
Ikonic has agreed it will not acquire more than 25% of the company's share capital before October 31, 2019.
Arria said that since listing in December last year it has made progress with existing and new clients, and is in discussions with a number of parties in the oil 7 gas and financial services sectors over contracts.
"It is now appropriate for the company to raise additional funding to enable it to continue its commercial progress. The issue of the Notes to Ikonic is the start of this process and we are continuing our fundraising activities," said Chairman and Chief Executive Stuart Rogers in a statement. "As a result I anticipate that the company will be raising additional equity or debt funding in the near future."
Shares in Arria were trading down 5.0% at 33.26 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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