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Fundraising Update

18 Mar 2016 13:57

RNS Number : 6128S
Arria NLG PLC
18 March 2016
 

18 March 2016

 

 

Arria NLG plc

("Arria NLG" or the "Company")

 

Fundraising Update

 

Arria NLG plc (AIM: NLG.L), a technology leader in Natural Language Generation ("NLG"), is pleased to announce that it has reached agreement with investors, subject to completion of the relevant documentation, for the subscription for approximately £1.379 million of unsecured loan notes convertible into the Company's ordinary shares at 40p per share (the "Loan Notes"). The Company will issue the convertible loan notes on completion of the related documentation which is expected to be concluded shortly. A further announcement will be made at that time.

 

Of the subscription, £420,000 relates to funds outstanding and announced on 18 November 2015. The Company is in discussions with potential investors to raise further funds through additional loan note issues.

 

The terms of the Loan Notes are the same as those announced on 29 June 2015, but in summary the key terms are as follows:

 

· interest at the Bank of England base rate (currently 0.5%) plus 5%, payable annually in cash or upon maturity;

· maturity is 31 October 2019 with the Company having a right of payment before maturity; and

· the conversion price is 40p per ordinary share. Holders can convert their principal and interest at any time before payment or maturity.

 

Subscribers for the new Loan Notes will receive unlisted warrants to subscribe for new ordinary shares in the Company, exercisable for a period up to 11 June 2019, at 12p per new ordinary share (the "B Warrants").

 

As previously disclosed part of its capital raising plan, the Company continues to explore a possible listing on the New Zealand Stock Exchange together with an equity fundraising.

 

Finally, the Company advises that under the subscription agreements with Lanstead Capital L.P. announced on 15 October 2015, the first monthly payment under the Sharing Agreements commenced during February as anticipated and will continue for a further 17 months (as detailed in the 15 October 2015 announcement).

 

 

For further information, please visit www.arria.com or contact:

 

Arria NLG plc

Stuart Rogers

Chairman and Chief Executive

 

Tel +44 (0)20 7100 4540

Allenby Capital

Nominated Adviser & Joint Broker

Nick Naylor

Jeremy Porter

James Reeve

 

Tel: +44 (0)20 3328 5656

MSL Capital Markets - Lead Manager

Andrew McDouall

Justine Dunnett

Peter Lynds

 

Tel: +64 (0)4 472 2716

Westhouse Securities - Joint Broker

Antonio Bossi

Robert Finlay

Tel: +44 (0)20 7601 6100

IFC Advisory - Financial PR and IR

Tim Metcalfe

Graham Herring

Heather Armstrong

Tel: +44 (0)20 3053 8671

tim.metcalfe@investor-focus.co.uk

graham.herring@investor-focus.co.uk

heather.armstrong@investor-focus.co.uk

 

Ruder Finn - PR (USA)

Scott Beaver (West Coast)

Brianna Mulligan (East Coast)

 

Tel: +1 541-326-5847

Tel: +1 203-246-1304

 

Arria NLG

 

Arria NLG's core product is known as the Arria NLG Platform, a form of artificial intelligence software, specialised in extracting information from complex data sources and communicating that information in natural language (i.e. as if written by a human). The scientific foundation for the Arria NLG Platform is based on more than 30 years of research and development by the Data2Text Founders at the University of Aberdeen. For additional information, visit www.arria.com. Follow Arria NLG on Twitter, LinkedIn, Google+ and YouTube.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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