convertible loan note facility20 Feb 2018 18:46
Volantis has also agreed to provide the Company with up to �2,000,000 face value (issue price �1,800,000) of follow-on finance via the issue of a convertible loan note facility:
The first �500,000 draw down is subject to mutual agreement and will be no earlier than 1 March 2018, or such other date as agreed in writing.
The Loan notes are convertible into equity at the lessor of 125% of the closing price on the day prior to issue or if lower 90% of the market price (being average of 5 day volume weighted average price as chosen by the investor during the twenty trading days preceding and inclusive of the conversion date).
How many more shares will this be?
Looks like more dilution ahead can't see them not needing it and paying back the drawdown any other way than by equity.