12 Dec 2014 16:32
12 December 2014
Insetco plc
("Insetco" or the "Company")
Issue of Convertible Loan Notes
The Company is pleased to advise that it has raised £250,000 through the issue of 8 per cent. interest bearing, unsecured convertible loan notes (the "Notes"). The funds raised provide the Company with additional working capital needed to support the provision of the administrative services, as announced on 26 November 2014, and to allow for further strategic investment in Canada.
The Notes are due for repayment on 27 November 2017 or, on the election of holders of the Notes, may be converted in whole or in part into new Insetco ordinary shares, at a conversion price of 0.1 pence per new ordinary share.
Full conversion of the Notes would result in the issue of 250,000,000 new ordinary shares, representing approximately 20.9 per cent. of the issued share capital (as enlarged thereby) of the Company.
Insetco plc |
| |
Barry Heath | 020 7866 0639 | |
Ivan Couchman | 07970 377669 | |
|
| |
Cairn Financial Advisers LLP |
| |
Jo Turner / Liam Murray | 020 7148 7900 |