LONDON (Alliance News) - Insetco PLC Thursday said it has raised GBP100,000 after receiving requests to convert loans into shares.
Following the requests, Insetco has issued 100 million shares at an exercise price of 0.1 pence per share to raise a total of GBP100,000. The converted shares represent 9.3% of the total issued share capital of the company.
Following the transactions, the company has GBP227,500 of convertible loans outstanding, comprising of GBP82,500 which can be converted at a price of 0.025 pence per share and GBP145,000 which can be converted for 0.1 pence per share.
Insetco shares closed up 3% to 0.139 pence per share on Thursday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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