Challenger Acquisitions Limited Board Addition & Funding (1178O)
27 Maggio 2020 - 04:00PM
UK Regulatory
TIDMCHAL
RNS Number : 1178O
Challenger Acquisitions Limited
27 May 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA
OR JAPAN.
For immediate release 27 May 2020
Challenger Acquisitions Limited
('Challenger' or the 'Company')
Board Addition & Funding
Challenger Acquisitions Limited (LSE: CHAL) is pleased to
announce the appointment of Mr. Jonathan Eldred Wilhelmus
Tidswell-Pretorius to the board as a non-executive director with
immediate effect.
Mr. Tidswell-Pretorius has significant corporate experience and
is a member of the Society of Petroleum Engineers. He started his
career in 1998 with Halliburton before joining Pathfinder as a
Field Engineer and subsequently Wintershall as a Drilling Engineer.
He was a consultant for several companies before founding Angus
Energy (AIM: AGNS) in 2009, where he retains the position of
Business Development Director. He has also raised substantial
capital for junior private and public resource companies.
Mark Gustafson, Challenger's Chief Executive Officer, said, "We
welcome Jonathan to our board and look forward to his contributions
in identifying, reviewing and securing the right project for our
Company. Along with the Annual Report being complete and issued,
this appointment enables us to accelerate the Reverse Takeover
process."
Challenger has received GBP40,800 (US $50,000) pursuant to the
issue of an unsecured convertible note due 19 May 2021
('Convertible Notes 2021') to Mr. Tidswell-Pretorius. These funds
will be used for working capital purposes.
Principal terms of the Notes
-- The noteholder may convert all or part of the principal
amount of its Convertible Notes 2021 into ordinary shares of the
Company ('Ordinary Shares') at any time at a fixed conversion price
of 0.1p per Ordinary Share.
-- The Convertible Notes 2021 are unlisted, unsecured,
transferable and must be redeemed by the Company on 19 May 2021, at
the Company's option in cash or in Ordinary Shares at 0.1p per
Ordinary Share.
-- Interest is accrued at 5% per annum and payable quarterly, or
upon conversion, at the Company's option in cash or by issuing
Ordinary Shares.
-- At any time the Company can redeem in cash all or any part of
the outstanding Convertible Notes 2021 from the holder at a 25%
premium to the principal amount of such notes.
-- The Convertible Notes 2021 and related documentation are governed under the laws of England
Information in relation to the appointment of Mr. Jonathan
Eldred Wilhelmus Tidwswell-Pretorius is as follows:
Current Directorships Past Directorships within 5
None years
Horse Hill Development (2013-2016):
resigned directorship and company
sold.
Angus Energy plc (2009-2019).
No additional information is required to be disclosed pursuant
to Listing Rule 9.6.13 R.
**ENDS**
For more information visit www.challengeracquisitions.com or
enquire to:
Challenger Acquisitions Limited
Mark Gustafson +1 604 454 8677
St Brides Partners Ltd (PR)
Cosima Akerman +44 (0) 20 7236 1177
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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