COO Coolabi

TIDMCOO

RNS Number : 6119I

Coolabi PLC

17 June 2011

Coolabi plc (the "Company")

Issue of Convertible Loan Notes

Coolabi plc is pleased to announce that Edge Investment Management ("Edge") has today agreed to subscribe for GBP562,114 of convertible loan notes to be issued by the Company ("CLNs"). The Company intends to use the net proceeds from the issue of the CLNs to invest in the further development of its existing assets and for general working capital purposes.

The CLNs are unsecured and repayable on 17 June 2016 or, at the option of the Company, at any time following 17 December 2012. The CLNs are interest bearing at a fixed rate of 7 per cent. per annum and are convertible at a price of 6.75p per share, which represents a premium of 17.4 per cent. to the mid-market share price of 5.75p on 16 June 2011, being the latest practicable date prior to this announcement.

The issue of the CLNs to Edge constitutes a related party transaction under the AIM Rules. The Directors, having consulted with Evolution Securities Limited, the Company's nominated adviser, consider that the terms of the transaction are fair and reasonable insofar as the shareholders are concerned.

Contacts:

 
 Coolabi plc              Tel: 020 7004 0980 
 Jeremy Banks, Chief 
  Executive 
 Tim Ricketts, Finance 
  Director 
 
 Evolution Securities     Tel: 020 7071 4300 
 Bobbie Hilliam / Chris 
  Clarke 
 
 Walbrook PR Ltd          Tel: 020 7933 8780 
 Paul McManus             Mob: 07980 541 893 or paul.mcmanus@walbrookpr.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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