warrents left 31p13 Nov 2020 17:03
he Company has conducted the Placing as principal. A total of 7,291,667 Units
(comprising of 7,291,667 ordinary shares and 3,645,831 Warrants) have been placed with
placees at the Placing Price to raise gross proceeds of £1,750,000.
As part of the Placing, the Company advises that 3 Directors of the Company, namely
Mark Child, Chairman and CEO, Andrew Cheatle and Jim Mellon, (both non-Executive
Directors) along with Jeffrey Karoly (Chief Financial Officer), have subscribed for 41,667,
30,000, 3,125,000 and 25,000 Units respectively (together: the “Directors & CFO
Subscription”), for a total of 3,221,667 Units (comprising 3,221,667 shares and 1,610,833
share purchase warrants of the Company).
Jim Mellon has subscribed (the “Mellon Subscription”), through Galloway Limited, a
limited company which is wholly owned by Burnbrae Group Limited, which is in turn wholly
owned by Jim Mellon, for a total of 3,125,000 Units (comprising 3,125,000 Ordinary shares
(the “Mellon Shares”) and 1,562,500 share purchase warrants of the Company) on the
same terms for a sum of £750,000. Following completion of the Mellon Subscription, Jim
Mellon will own a direct and indirect aggregate shareholding of 7,828,105 Ordinary Shares
or 10.5% of the Company. His direct interest will be in 2,889,883 Ordinary Shares and the
indirect interest will be in 4,938,222 Ordinary Shares held through Galloway Limited.
Andrew Cheatle has subscribed (the “Cheatle Subscription”) for a total of 30,000 Units
(comprising 30,000 Ordinary shares and 15,000 share purchase warrants of the
Company). Following completion of the Cheatle Subscription, Andrew Cheatle now owns
directly and indirectly a shareholding of 64,884 Ordinary shares of the Company,
representing 0.1% of the resultant issued share capital.
Mark Child has subscribed (the “Child Subscription”) for a total of 41,667 Units
(comprising 41,667 Ordinary shares and 20,833 share purchase warrants of the
Company). Following completion of the Child Subscription, Mark Child now owns directly
and indirectly a shareholding of 4,094,167 Ordinary shares of the Company, representing
5.5% of the resultant issued share capital.
Jeffrey Karoly has subscribed (the “Karoly Subscription”) for a total of 25,000 Units
(comprising 25,000 Ordinary shares and 12,500 share purchase warrants of the
Company). Following completion of the Karoly Subscription, Jeffrey Karoly now owns
directly and indirectly a shareholding of 97,412 Ordinary shares of the Company,
representing 0.1% of the resultant issued share capital.
Application has been made for the Placing Shares to be admitted to trading on