By Sheri Kasprzak
New York, Feb. 21 - Keyworld Investments plc said it has received an agreement for a £1 million convertible loan facility.
Chartonnay International Ltd., which is operated by the Ellingham Trust, will fund the facility, which has a 15-month term.
The loan bears interest at 8.5% annually and is convertible into common shares at 1.4p each for the first £200,000, 2.7p for the next £100,000, 4p for the next £200,000 and 5.6p for the remaining £500,000.
So far, the company has received £100,000 of the loan. The remainder will be received in monthly advances.
Following the offering, Chartonnay will hold 31.75 million of Keyworld's outstanding shares, or 85.48% of the company.
Based in London, Keyworld has no current operations but had previously offered a line of 30-year bonds sold through independent financial agents.
| Issuer: | Keyworld Investments plc
|
| Issue: | Convertible loan
|
| Amount: | £1 million
|
| Maturity: | 15 months
|
| Coupon: | 8.5%
|
| Price: | Par
|
| Yield: | 8.5%
|
| Conversion price: | 1.4p for the first £200,000; 2.7p for the next £100,000; 4p for the next £200,000 and 5.6p for the remaining £500,000
|
| Warrants: | No
|
| Investor: | Chartonnay International Ltd.
|
| Settlement date: | Feb. 21
|
| Stock symbol: | London: KWI
|
| Stock price: | 0.03p at close Feb. 21
|
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