RE: RNS OUT4 Oct 2019 18:30
And they warrants too....
The Investors will also be entitled to warrants over new Ordinary Shares equal to 30% of each drawdown. The number of warrants will be calculated as a quotient of the drawdown divided by the closing price of Ordinary Shares on the date of drawdown. The exercise price on such warrants will be 150% of the closing price of Ordinary Shares on 30 September 2019 (being 0.69p). The warrants will be exercisable for a period of 24 months from the date of issuance or 12 months if the daily VWAP, during the first 12 months, is at or above 1 pence for 20 consecutive days at any time during that period. Accordingly, 45,652,174 warrants over new Ordinary Shares will be issued to the Investors in respect of the First Draw at a conversion price of 0.69p per share.
Jeeze, nearly 8 years of dilution after dilution.
I'm off to the pub to dilute my blood with Guiness.
Cheers all Si.