Clarification14 Jan 2019 14:15
Placing and Subscription summary
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Greatland has agreed a placing and subscription to raise £2,650,000 of gross proceeds through the issue of 212,000,000 Ordinary Shares at price per share of 1.25p (the "Placing Shares").
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Each Placing Share issued has an accompanying unlisted and non-transferrable warrant to subscribe for an additional Greatland new ordinary share at a price of 2.0p at any time within the 12 months following admission to trading of the Placing Shares (representing the issue of a total of 212,000,000 warrants).  Each warrant will include an accelerated exercise condition ("Accelerator") such that in the event the that the Company's volume weighted average share price exceeds 3.0p for a period of five consecutive trading days the Company shall have the right, but not the obligation, to give holders of the warrants 7 calendar days' notice that the warrants must be exercised within a further 14 calendar days, following which they will otherwise expire. Should all of these warrants be exercised, a further £4,240,000 will be raised for the Company at a price of 2.0p.
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The 212,000,000 Placing Shares are expected to be admitted to trading on, or around, 10 August 2018.  For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules ("DTRs"), the issued ordinary share capital of Greatland following the issue and allotment of the Placing Shares comprises 3,214,256,509 Ordinary Shares with voting rights attached (one vote per share). There are no shares held in treasury.  This total figure of 3,214,256,509 may be used by shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in Greatland under the DTRs.