The directors of GVMH are delighted to announce that they have secured funding by way of £670K of convertible loan notes.
The loan notes have been issued as zero coupon Convertible Unsecured Loan Notes 2019 (the “Loan Notes”).
The Loan Notes are subject to no interest but are convertible at a price of £0.15 per Ordinary Share and are redeemable, to the extent they have not been converted into shares, on 1 July 2021.
For every four shares received by way of conversion of the Loan Notes, the holders of the Loan Notes (the “Holders”) will be given one warrant (the “Warrants”) to acquire one ordinary share of the Company. The Warrants are exercisable up to 2 years after issue at a price of £0.15 per Ordinary Share.
If the Loan Notes and Warrants are all converted into shares this would result in the Holders acquiring 5,609,210 shares in GVMH, representing approximately 5.5% of the newly enlarged shares in the Company.
Commenting on the issue of the Loan Notes, Jonathan Lo, Chief Executive, said:“This investment provides the working capital to further develop our business plan, consolidating our progress to date for further growth in future.”
The Directors accept responsibility for this announcement.
For more information:
|Grand Vision Media Holdings plc||http://gvmh.co.uk/|
|Edward Kwan-Mang Ng, Director||Tel: +44 (0) 20 7866 2145
|Alfred Henry Corporate Finance Ltd|
|Nick Michaels / Jon Isaacs||Tel: +44 (0) 20 3772 0021