By Laura Lutz
Des Moines, Jan. 18 - Cellcast plc arranged a private placement of a £1 million convertible loan agreement with the Headstart Funds.
The 8% loan has a term of two years.
The first tranche of the loan, for £225,000, is to be drawn down on Jan. 21.
Proceeds will be used for working capital.
Headstart may convert any outstanding part of the loan into shares at any time within 360 days of the date on which that tranche of the loan was made available.
The investor also received 355,555 ordinary shares at 8p per share and a warrant for 1 million shares, exercisable at 8p per share for five years.
Cellcast is a London-based television and mobile services provider.
Issuer: | Cellcast plc
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Issue: | Convertible loan agreement
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Amount: | £1,028,444
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Maturity: | Two years
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Coupon: | 8%
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Price: | Par
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Yield: | 8%
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Shares: | 355,555
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Share price: | 8p
|
Warrants: | For 1 million shares
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Warrant expiration: | Five years
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Warrant strike price: | 8p
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Investor: | Headstart Funds
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Pricing date: | Jan. 18
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Settlement date: | Jan. 21 (for £225,000)
|
Stock symbol: | London: CLTV
|
Stock price: | 7.58p at close Jan. 18
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