RNS23 Jan 2018 09:24
09:00
RNS Number : 6265C
Altyn PLC
23 January 2018
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Altyn �Plc
("Altyn" or the "Company")
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Partial conversion of African Resources Limited US$10 million Convertible Bond
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The Company is pleased to announce that African Resources Limited ("African Resources") has given notice under the terms of the Convertible Bond issued to it by the Company on 28 February 2016 for conversion of the equivalent of approximately US$9,720,060 of the US$10 million Convertible Bond into 233,333,333 new Ordinary Shares of 0.1 pence each in the Company (the "Conversion").� This is the maximum permissible amount allowable under the terms of the Bond and the existing share authorities in place. ��
The conversion price will be three pence per share as stipulated in the agreement. This is at a substantial premium of over 130% above the closing share price on 22 January 2018.
African Resources, who is the majority shareholder, currently owns 1,557,806,672 shares, comprising 66.7% of the issued share capital.� After the Conversion, African Resources will hold 1,791,140,005 amounting to being 69.8% of the issued share capital.
The Company will apply for admission of the new Ordinary Shares to trading on the Official List of the UK Listing Authority and to trading on the London Stock Exchange's Main Market for listed securities ("Admission"). Admission of the new Ordinary shares, which will rank