LONDON (Alliance News) - Artificial intelligence and natural language technology firm Arria NLG PLC on Monday said it has raised GBP2.7 million through the issue of convertible loan notes.
The notes will be convertible into Arria NLG shares at 40.00 pence per share and will mature in October 2019. They will carry an interest rate of the UK base rate, currently 0.25%, plus 5.0%.
In addition, subscribers for the notes will get two unlisted warrants for each USD1.00 they invest in the notes. These will be exercisable up to June 2019 at 12.00p per share.
Arria shares were down 12% at 16.00 pence Monday morning.
Arria said the funds will be used for short-term working capital, including its ongoing work seeking a primary listing in New Zealand.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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