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Regulatory News (RNS)
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Issuance of Loan Notes and Resumption of Trading
Regulatory News
Issuance of Loan Notes and Resumption of Trading
Fri, 23rd Dec 2016 08:15
RNS Number : 7050S
Graphene NanoChem PLC
23 December 2016
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For Immediate Release
23 December 2016
Graphene NanoChem PLC
("Graphene NanoChem" or the "Group")
Issuance of Loan Notes with Warrants,
Resumption of Trading and
Update on Debt Rationalization
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Darwin Capital Loan Note Issuance and Lifting of Trading Suspension
Graphene NanoChem plc. (AIM:GRPH), the international provider of nanotechnology performance enhancing solutions for global industries, is pleased to announce the execution of a subscription agreement for the issuance of up to �2.5m of Unsecured Convertible Loan Notes ("Loan Notes") as detailed below.
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Pursuant to entry into the initial tranche of the Loan Notes, Graphene Nanochem has requested the suspension of trading in the Company's ordinary shares on AIM to be lifted and trading is expected to resume at 8:45 a.m. on 23 December 2016.
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The proceeds from the Loan Notes will support the working capital requirements of the Company as it continues to advance the progress of its business turnaround plan as previously announced, particularly in crystallizing opportunities in its water and enhanced polymer divisions. The Company has determined that the funding by way of Loan Notes is the most prudent method at this time of its rebuilding period post the approval of the debt restructuring exercise.
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The Loan Notes may be issued to Darwin Capital Limited ("Darwin") in three tranches. The Loan Notes are unsecured, have a zero coupon attached and are divided into 100 individual notes with a par value of �25,000 each ("Par Value"). Initially a minimum of 30 Loan Notes have been issued and Darwin have the option to subscribe for an additional 10 Loan Notes at any time over the next 5 bus