RE: Just a feeling10 Mar 2021 12:09
General Meeting to be held on 22 February 2021, to obtain shareholder approval for the requisite share authorities to enable the issue of the Placing Shares, the issue and exercise of the Placing Warrants, conversion of the CULs, and the exercise of the warrants to subscribe for Ordinary Shares issued in conjunction with the CULs.
Background to the Placing
On 20 January 2021, the Company announced that it had issued convertible unsecured loan notes (the "CULs") to raise a total of £1.25 million for the Company. The CULs are convertible into ordinary shares in the Company at a conversion price of 0.05p each, at the election of the Company. The CULs have a maturity date of 19 January 2023 and will not accrue any interest.
In addition, the Company announced the issue of 2,500,000,000 warrants to subscribe for Ordinary Shares in the Company at a price of 0.1p per warrant (the "Placing Warrants"). The Placing Warrants were granted to the holders of the CULs on a pro rata basis and may be exercised until 19 January 2022.
The Company is proposing to raise an additional £450,000 through a placing of 418,604,651 Ordinary Shares with Richard Parris, the Executive Chairman of the Company, via the Company's Broker, Peterhouse Capital Limited at 0.1075p per share. It is intended that the proceeds from the Placing shall be used to provide further resources to enable the Company to execute its green technology strategy as previously announced. In addition, the Company shall issue 418,604,651 warrants to subscribe for Ordinary Shares in the Company ("Further Warrants") to Richard Parris.
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