CGC subscription24 Apr 2020 15:38
CGC subscription
looks like they took 22.6 million shares @ 1.35p as part of their contract
The Subscription
CGC has agreed, conditional upon completion of the Acquisition, to invest US$1.825 million in President by way of the Subscription.
On completion of the Acquisition, CGC will invest the sum of US$500,000, converted into Pounds Sterling at the prevailing exchange rate on the day prior to completion of the Acquisition, ("the Initial Subscription Amount") in order to subscribe for such number of Ordinary Shares (the "Initial Subscription Shares"), calculated at the closing mid-market price per Ordinary Share ("MMP") on the trading day prior to the completion of the Acquisition. CGC has agreed not to dispose of any interest in the Initial Subscription Shares for a period of six months after their issue.
CGC will thereafter invest the remaining US$1.325 million in seven quarterly instalments in consideration for the issue of new Ordinary Shares at the prevailing MMP on the date prior to the relevant quarter date, with the first such quarterly payment being due on 25 January 2020.