LONDON (Alliance News) - Cyber-security software firm Defenx PLC said Thursday it will issue 1.6 million shares to BV Tech SpA pursuant to the first conversion from its convertible loan facility.
The company will issue the shares at 8 pence each. Shares in Defenx were untraded at 9.75 pence on Thursday.
On admission of the new shares, BV Tech will be interested in 17.1 million Defenx shares, representing a 57% stake.
Admission to trading on AIM is expected on November 1, following which the company will have 29.8 million shares in issue.
On Tuesday, Defenx had said it made its first draw down of EUR150,000 from its convertible loan facility with BV.
The remaining EUR800,000 available under the loan is available to be drawn from mid-November. The loan has an interest rate of 6.0% per annum and will be used for general corporate purposes.