wdc29 May 2019 12:58
WideCells Group has entered into an agreement with the Investor in relation to the issue by the Group (the 'Bond Issue') to the Investor (or its affiliates) of convertible bonds (the 'Bonds') with warrants attached for a principal amount of up to £2,700,000 (the 'Total Commitment'). Under the terms of the agreement, the Bonds will convert into ordinary shares of £0.0025 each in the Company ('Ordinary Shares'), and the warrants entitle ABO to subscribe for Ordinary Shares at a pre-determined price (the 'Warrants').
It is expected that the Bonds will be issued and subscribed for in sequential tranches as detailed below:
i. £635,000 to be subscribed for and paid to the Company immediately;
ii. £1,000,000 to be subscribed for and paid to the Company immediately on the later of either (a) 15 November 2018, or (b) once a prospectus has been validated and approved by the Financial Conduct Authority (further detail on which is included below);
iii. £265,000 to be subscribed for and paid to the Company immediately three calendar months after the second tranche if the Company elects to draw down that third tranche; and
iv. four subsequent tranches each of aggregate nominal value of £200,000 if the Company elects to draw down those tranches.