By Devika Patel
Knoxville, Tenn., Dec. 1 - Wren Extra Care Group plc said it arranged a three-year equity purchase agreement facility with Brittany Capital Management Ltd. for £3 million.
The shares will be sold at a discount of approximately 10% to the market price. The maximum size of a drawdown is £100,000 or, if lower, an amount equal to 50% of the average trading volume in Wren shares over the 10 trading days prior to drawdown.
Brittany will also receive 500,000 warrants, which are exercisable at 10p for five years.
Based in Surrey, England, Wren is a residential developer.
| Issuer: | Wren Extra Care Group plc
|
| Issue: | Equity purchase agreement facility
|
| Amount: | £3 million
|
| Tenor: | Three years
|
| Price: | 10% discount
|
| Warrants: | 500,000
|
| Warrant expiration: | Five years
|
| Warrant strike price: | 10p
|
| Investor: | Brittany Capital Management Ltd.
|
| Pricing date: | Dec. 1
|
| Stock symbol: | London: WREN
|
| Stock price: | 9p at close Dec. 1
|
| Market capitalization: | £4.85 million
|
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