Warrants9 Feb 2018 05:36
The Company proposes to issue 1,394,000,000 warrants over Ordinary Shares. The Warrants are exercisable in the six months following Admission (as defined below) at a price of 0.2 pence per Ordinary Share. The Warrants will be issued to each subscriber in the Subscription on the basis of 1 Warrant for every 2 Subscription Shares. The Warrants will be not admitted to trading on any Exchange and are non-transferable.
Conditions of the Subscription and the Warrants
The Subscription and the issue of the Warrants is conditional upon the following conditions:
i. resolutions being passed at a general meeting of the Company granting the Directors of the Company authority to (i) allot ordinary shares in the Company up to an aggregate nominal value of �2,700,000 and (ii) to issue shares in accordance with (i) as if section 561 (pre-emption rights) of the Companies Act 2006 did not apply; and
ii. admission of the Subscription Shares to trading on AIM ("Admission") occurring, in each case on or before 5 January 2018 (the "Long Stop Date") or such later date, being not later than 12 January 2018 as the Company may notify in writing.
If the closing mid market price of an Ordinary Share has been equal to or more than 0.28 pence per Ordinary Share for five or more consecutive trading days the Company may at any time thereafter give warrant holders notice of that fact and the warrant holders will have 15 days from the date of that notice to exercise the Warrants and if the Warrants are not exercised during that period, they will lapse.
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