RE: Fracking26 Nov 2021 09:53
found another nice bit
https://www.lse.co.uk/rns/AST/cuba-operator-application-and-new-funding-ctxk7fyt71c4nwe.html
The debt element of the fundriaising is a definitive loan agreement with Align Research Limited (the "Lender") to provide, in aggregate, £400,000 through an unsecured loan facility ("Loan Facility"), for working capital purposes in support of the execution of the Special Situations strategy. The Loan Facility, which is aimed at minimising dilution at current prices, provide for the loan ("Loan") to be drawn down, in three tranches being £100,000 on 15 August 2020, £100,000 on 3 September 2020 and £200,000 on 4 October 2020. The Loan plus a fixed coupon of 8% is repayable in full on maturity (except where the Lenders request part or all of the Loan and any coupon to be utilised in paying for the warrants), which is the 31 March 2021 (the "Repayment Date").
As part of the Loan Facility, the Company will issue a total of 16,000,000 warrants to the Lender (the "Warrants"). The Warrants are only excercisable at or above 4 pence per share (a 100% premium to the current bid price), at which point the holders can subscribe for ordinary shares in the Company at 2.5p per share, or at the future placing price of any subsequent fundraise during the first 12 months of the Warrants being issued if lower than 2.5 pence. The Warrants have a life of two years from the signing of the Loan agreement.
so align get 16,000,000 warrants at 2.5p or 400k and thats 14% off current stock or they will have almost 22% off stock after this if it happens!!!!!