RE: Nice25 Nov 2020 16:30
TWB,
The current 2p warrants. From the warrant accelerator RNS 27th Oct the holders have until close Monday 30th Nov to convert. Hence that’s why I said news coincidentally will arrive 1st Dec.
Then you have the CLNs from the subscription.
SI Capital.....procured subscriptions for 1,500,000 CLNs, which convert into CLN Shares on the date of this prospectus at a conversion price of 2.3 pence per Ordinary Share....The CLNs were issued on 13 August 2020 to existing shareholders of the Company and new professional investors. The CLNs were not offered to members of the public. All CLNs constituted by the CLN Instrument have been issued.
The 65,217,391 CLN Shares issued on the conversion of the CLNs will represent approximately 24.86 per cent. of the Enlarged Issued Share Capital of the Company on Admission.
The New Ordinary Shares will, upon issue, rank pari passu with the Ordinary Shares.
The Net Subscription Proceeds, after deduction of expenses, will be £1,375,000 on the basis that the Gross Subscription Proceeds are £1,500,000. The proceeds from the Subscription may eventually rise by a further £2,020,435 in the event that all New Warrants are exercised.
In accordance with Listing Rule 14.2.2, at Admission at least 25 per cent. of the Ordinary Shares will be in public hands (as defined in the Listing Rules) upon Admission.
Note..
The CLN’s at 2.3p on 13th July 2021. These are at discretion of company. OR by providing written notice to the Company at least 5 Business Days prior to the proposed date for conversion, however, such notice may not be delivered prior to 31 December 2020.
The Company may not pre-pay the CLNs.
The nominal amount of each CLN is £1.00 and the aggregate maximum principal amount of all the CLNs is £1,500,000.... these are then subdivided into equity sect 15 note 9 of prospectus gives more detail.
Associated new warrants. Sect 15 para 8...
terms summarised...
The New Warrants are constituted by, and issued subject to and with the benefit of, the New Warrant Instrumented which is dated 23 October 2020 and is executed as a deed poll by the Company. The exercise price of the New Warrants is 3 pence per Ordinary Share and the New Warrants may be exercised at any time from the date of this prospectus up to and including 26 October 2022 (the “Exercise Period”).
If at any time the price of the Ordinary Shares on the London Stock Exchange exceeds 4.5 pence on a VWAP basis for 5 or more consecutive trading days the Company may issue an announcement to the holders of a shortening of the exercise period and any New Warrants not exercised within 21 business days of such notice shall immediately lapse.
Hence my point about if you are intending to hang around. Buying sub 3p puts you below the next warrants or sub 4p gives you a decent cushion should the accelerator be applied. We are then funded for next step and if the drill delivers the next issue will be much much higher!
Trek
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