Last checked at 
16 Oct 2015 17:15
16 October 2015
GLOBAL RESOURCES INVESTMENT TRUST PLC
("GRIT")
Conversion of Loan Notes
By a loan note instrument by deed poll dated 27 February 2014 ("Loan Note Instrument"), the Company issued £5,000,000 nominal of 9 percent per annum convertible unsecured loan notes ("Loan Notes").
GRIT announces that it received a notice of exercise by Resources Development Partners Limited to convert £250,000 of Loan Notes into equity.
The Loan Notes are convertible into new Ordinary Shares in GRIT at the conversion price, being the higher of (i) the volume weighted average price of Ordinary Shares for the fifteen business days immediately prior to (and calculated on) the first anniversary of the Loan Note Instrument (capped at £1.00) and (ii) £0.75. GRIT has therefore issued 333,333 new Ordinary Shares to Resources Development Partners Limited ("New Shares") at an issue price of £0.75.
The New Shares will rank pari passu in all respects with the existing ordinary shares. Application will be made for the New Shares to be admitted to trading and admission is expected to take place on or around 22 October 2015.
Following the issue of the New Shares, the GRIT's issued share capital consists of 39,903,345 Ordinary Shares, with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of GRIT under the Financial Conduct Authority's Disclosure and Transparency Rules.
Enquiries to:
David ("Sam") Hutchins, RDP Fund Management LLP Investment Manager | Tel: +(0) 7290 8540 |
Martin Cassels R&H Fund Services Limited Company Secretary and Administrator | Tel: +(0) 131 524 6140 |
Roland Cornish Beaumont Cornish Limited Financial Adviser | Tel: +(0) 7628 3396 |