Oxus Gold PLC Convertible loan agreement (3710B)
06 Ottobre 2015 - 11:38AM
UK Regulatory
TIDMOXS
RNS Number : 3710B
Oxus Gold PLC
06 October 2015
6 October 2015
Oxus Gold plc
("Oxus Gold" or the "Company")
Convertible Loan Note Placing Agreement
The Board of Oxus Gold is pleased to announce that it has today
entered into a placing and underwriting agreement with Darwin
Strategic Limited ("Darwin") for the issue of up to GBP1,200,000
(gross) zero coupon unsecured convertible loan notes ("Loan Notes")
with warrants to subscribe for ordinary shares of 1 pence each in
the capital of the Company ("Ordinary Shares") attached
("Warrants"). The issue of Loan Notes under this agreement is at
the discretion of Oxus Gold.
Up to GBP100,000 par value of Loan Notes may be placed every 4
weeks, for a maximum period of 12 months subject to, inter alia,
the consent of Darwin in the event that between any two issue dates
five or more daily volume weighted average price calculations are
below 2 pence or unless the Company notify Darwin at the Company's
discretion that it will not be issuing any Loan Notes (or Warrants)
on the next relevant issue date. Loan Notes will be placed at a
price of 90% of the par value of each Loan Note and Darwin itself
will subscribe for any Loan Notes and Warrants that are not placed
with investors.
The first Placing of GBP100,000 Loan Notes has occurred today
and 190,476 Warrants have been issued, exercisable at 5.25 pence
over the next five years.
The proceeds raised from the issue of Loan Notes will be used to
finance the working capital of the Company.
Terms of the Loan Notes and the Warrants
The principal amount of each Loan Note when issued shall be
GBP25,000. For each GBP25,000 loan note issued, Oxus Gold will
receive 90% of the par value, equivalent to GBP22,500 per Loan
Note. All of the Loan Notes will be redeemable on the anniversary
date of the first issue of Loan Notes, unless otherwise converted,
and will be settled in cash at 100% of par value, equivalent to
GBP25,000 per Loan Note.
The Loan Notes are convertible at the Loan Note holder's
election into new Ordinary Shares at the lesser of: 4.6 pence per
new Ordinary Share or 92.5% of the Market Share Price (being, in
respect of an Ordinary Share at a particular date, the arithmetic
average of the volume weighted average price for an Ordinary Share
for 5 trading days of Darwin's choosing out of the 20 trading days
ending on the day prior to such date).
The Company, at its election, has the right to redeem prior to
maturity one or all of the outstanding Loan Notes in cash at 105%
of the par value (equivalent to GBP26,250 per Loan Note). In
addition, the Loan Notes are redeemable in the event of a change of
control of Oxus Gold or the occurrence of certain default events in
cash at 120% of the principal amount outstanding on the date of the
relevant event.
Loan Note holders will also be issued with Warrants which are
exercisable for a period of five years from the date of issue. The
number of Ordinary Shares subject to the warrant will be 10% of the
par value of each Loan Note divided by the warrant exercise price.
The warrant exercise price will be 125% of the closing mid-market
price of Ordinary Shares on the trading day preceding the date of
the placing of the relevant Loan Notes.
For further information, please contact:
Oxus Gold PLC Tel: +44 (0) 20 7907
Richard Shead 2000
SP Angel Corporate Finance Tel: +44 (0) 20 3470
LLP 0470
Ewan Leggat / Stuart
Gledhill
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGREANEKEDASFEF
(END) Dow Jones Newswires
October 06, 2015 05:38 ET (09:38 GMT)
Grafico Azioni Oxus Gold (LSE:OXS)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Oxus Gold (LSE:OXS)
Storico
Da Mag 2023 a Mag 2024