LONDON (Alliance News) - WideCells Group PLC on Thursday said its investor has exercised its options and converted rights under the convertible bonds for GBP210,000, together with a penalty payment of GBP315,000.
The company has entered into an issuance agreement with a provider of convertible bonds, European High Growth Opportunities Securitization Fund, to secure GPB2.7 million worth of funding in return for bonds convertible into shares with attached warrants.
As part of the conversion, WideCells has issued 210.0 million shares to European High Growth.
Following admission of the new shares, WideCells' enlarged share issue will be 785.6 million.
Shares in WideCells closed up 5.6% Thursday at 0.47 pence each.
On Monday, WideCells announced it has created a new division to focus on new media and technology and will change its name to Iconic Labs PLC.
WideCells said its new business direction will see it focus on providing online marketing, content and "technology driven products" and move away from stem cell research.
As part of the expansion, WideCells is changing its name to Iconic Labs and has appointed John Quinlan as chief executive officer and Liam Harrington as chief business officer. Both men - who are joining from social media publisher Unilad Group Ltd - have been appointed to the company's board.