RE: Strategic investment RNS10 Nov 2021 07:16
Actually I've misread that a bit most of it is higher. I'm sure some people would have wanted more but VWAP strikes again.
Strategic investment of up to US$46.75m123 structured in two tranches comprising:
o An immediate direct equity investment of US$6.75m at 6 pence per share1, an 8% premium to the 30-day VWAP, under the Company's existing authority to issue shares.
o Subscription for up to US$40m of convertible loan notes, principal and interest with a conversion price of 8.2 pence per share13 a 48% premium to the 30-day VWAP, ("Convertible Loan Notes" or "CLN"). The Convertible Loan Notes are designed to contribute directly to the construction funding for Khemisset and are accessible by the Company once the overall funding package for the Project is in place.
o Grant of 82,391,714 warrants pro rata to CLN subscribers, each warrant with a 12-month term and an exercise of 8.2 pence per share. Exercise of all warrants could secure additional c. US$9.3 million investment in the Company12.
· On conversion of the CLN, the Strategic Investors, including GSM, will own up to a maximum of 29.9% of Emmerson Plc