(Alliance News) - Live Co Group PLC said on Monday it has arranged to fully repay a debt facility early in cash via a new equity subscription following last month's announcement.
The Surrey, England-based live events and entertainment company said it has raised GBP200,000 via issuing 10.0 million new shares at a price of 2.0 pence per share.
Live Co said it has been agreed that the first GBP50,000 instalment will be paid in cash between April 15 and May 30, with the remaining GBP50,000 settled in either cash or by the issue of ordinary shares commencing on August 1.
Monday's announcement comes after Live Co declared it received an unconditional offer for a prepayment facility and had entered a deal for the provision of up to GBP500,000 short-term working capital in the form of an institutional placing agreement back in February.
The company had said it would draw down GBP217,474 gross as an initial prepayment, while its investor RiverFort Global Opportunities PCC Ltd, would on closing also subscribe for 5.7 million ordinary shares for a total of GBP56,543.16.
The facility was offered to provide additional support for Live Co's short-term working capital requirements, as the company looks to deliver on two K-POP festivals and other contracts, whilst continuing to close further deals.
Live Co shares were up 4.9% at 1.91 pence in London on Monday afternoon.
By Sabrina Penty; Alliance News reporter
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Live Company (LVCG)
Riverfort (RGO)