Paragon Resources PLC Issue of convertible loan notes (1423J)
09 Giugno 2014 - 9:30AM
UK Regulatory
TIDMPAR
RNS Number : 1423J
Paragon Resources PLC
09 June 2014
9 June 2014
Paragon Resources PLC
("Paragon" or the "Company")
(AIM: PAR)
Issue of convertible loan notes
The Company is pleased to announce that it has agreed a new
financing facility with Apex Utilities Limited ("Apex"), an
existing shareholder of the Company, to provide working capital
funding (the "Facility"). The terms of the Facility are as
follows:
-- A total facility amount of GBP50,000, available for drawdown
at the Company's request, GBP30,000 of which is to be drawn down
immediately.
-- Interest payable at 8% per annum on all drawn balances.
-- Unsecured.
The outstanding balance of the Facility will automatically be
converted into ordinary shares of 0.05 pence each in the Company
("Ordinary Shares") on completion of a reverse takeover as defined
under the AIM Rules for Companies ("Admission") at a conversion
price equal to 83.33% of the price (the "Conversion Price") that
any new Ordinary Shares are issued for cash pursuant to the
Admission ("Conversion"). It is agreed that the Facility will not
be repayable in cash. If Admission has not occurred before 30 June
2015, then on that date the outstanding balance of the Facility
will be converted into Ordinary Shares at a conversion price of
GBP0.0015 per Ordinary Share ("Alternative Conversion").
On Conversion, Apex will receive warrants to subscribe for new
Ordinary Shares on the basis of 1 warrant for every 1.25 new shares
received on Admission, such warrants to be exercisable within 3
years from the date of grant at the Conversion Price ("Warrants").
On Alternative Conversion, Apex will receive warrants to subscribe
for new Ordinary Shares on the basis of 1 warrant for every 1.25
new shares received by way of the Alternative Conversion, such
warrants to be exercisable within 3 years from the date of grant at
a price of GBP0.0015 per Ordinary Share.
Interest is payable in cash on the earlier of Conversion on
Admission or Alternative Conversion.
ENDS
For further information, please contact:
Paragon Resources PLC Allenby Capital Limited
Simon Hunt (Nominated Adviser and Broker)
(Chairman) Nick Harriss/Jeremy Porter/James
+44 (0)7733 337 755 Reeve
www.paragon-resources.com +44 (0)20 3328 5656
www.allenbycapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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