RNS - Loan Conversion11 Oct 2017 14:57
RNS Number : 3421T
BOS GLOBAL Holdings Limited
11 October 2017
BOS GLOBAL Holdings Limited
ACN 009 087 852
AIM Release
11 October 2017
Innovation Convertible Note - Conversion
BOS GLOBAL Holdings Limited ("BOS GLOBAL" or "the Company") (AIM: BOS), the software developer focused on improving productivity and creating operational efficiencies in the workplace by collecting and reporting workforce analytics, advises that it has today resolved the conversion of the latest draw down from Innovation Corporation Limited ("Innovation") of �100,000 at a fixed rate of 16 pence per share in accordance with the terms of its �1.875m Convertible Note agreement ("Note") with Innovation. This conversion relates to additional funds drawn down in September 2017 with a further drawdown of a minimum of �125,000 expected around 23 October 2017.
As a result, Innovation will receive 625,000 fully paid ordinary shares in BOS. Application will be made to admit these shares to trading on AIM with admission expected on or about Tuesday 17 October 2017. These shares will be subject to a 12-month lock-in agreement from the date of conversion. Under the terms of the Note, Innovation will also be granted 625,000 Conversion Options with an exercise price of 20 pence and expiring on 30 September 2018. Conversion Options and shares issued upon exercise of Conversion Options will not be subject to lock-in agreements.
Following this conversion, �1,278,609 remains available to the Company under the Note. Following admission of the conversion shares, BOS will have 79,635,210 fully paid ordinary shares in issue and the following options and warrants on issue:
3,727,444 options of exercise price 20 pence and expiry date 30 September 2018;
146,015 options of exercise price 150 pence and expiry date 4 December 2018;
20,282 warrants of exercise price 957 pence and expiry date 14 October 2019;
54,825 warrants of exercise price 1,197 pence and expiry date 21 October 2019;
16,709 warrants of exercise price 823 pence and expiry date 6 January 2020;
27,848 warrants of exercise price 718 pence and expiry date 5 June 2020; and
500,000 warrants of exercise price 10.4 pence and expiry date 26 August 2021.
Entities associated with Michael Travia will hold 23,104,855 shares, representing 29.0% of the total shares on issue and 3,727,444 options of exercise price 20 pence and expiry date 30 September 2018.