Mode Global Holdings PLC - bitcoin banking app company based in London - Completes its recent fundraise. Explains that it conducted the fundraise through an issue of convertible loan notes to new and existing investors that raised gross proceeds of GBP1.9 million. Notes that some directors subscribed for GBP65,000. Together with a delayed subscription this will result in overall gross proceeds of GBP2.0 million.
Adds that the loan notes are unsecured, have a coupon of 8% and will be convertible into Mode shares at a price equal to the lower of 90% of the average mid-market price for a period of five business days before the conversion.
Current stock price: 5.17 pence, down 12% on Wednesday
12-month change: down 89%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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R8 Capital Inv (MODE)