Last checked at 28 Mar 2017 17:16
28 March 2017
Starcom Plc
("Starcom", "the Company" or "the Group")
Drawdown under Convertible Loan Facility
Starcom (AIM: STAR), which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets and people, announces that it has drawn down US$330,000 from YA II PN, Ltd. (formerly, YA Global Master SPV Ltd.).
The loan has a 12 month term expiring on 23 March 2018. During the three month period to 23 June 2017, the loan will be convertible at a fixed price of 2.5p per share. Thereafter, any outstanding balance will be convertible at the lower of 2.5p or 92.5% of the lowest daily VWAP during the 10 consecutive trading days prior to the conversion notice being given to the Company.
The loan forms part of an original facility granted to the Company in October 2015 which has been amended to provide for a more favourable conversion price during the next three months as stated above. All other terms are as announced on 15 October 2015.
The Board considers that these improved terms are beneficial to the Company and will provide the additional cash resources referred to in the recent statement accompanying the final results.
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For further information, please contact:
Starcom Plc
Michael Rosenberg, Chairman 07785 727 595
Avi Hartmann, CEO +972 5430 70103
+972 3619 9901
Northland Capital (Nomad and Broker) 020 3861 6625
Edward Hutton / David Hignell (Corporate Finance)
John Howes (Sales and Broking)
Peterhouse Corporate Finance (Joint Broker) 020 7469 0930
Lucy Williams / Charles Goodfellow / Eran Zucker
Leander PR (Financial PR) 020 7520 9267
Christian Taylor-Wilkinson 07795 168 157
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.