Business
Placing, Loan Conversion, Warrants, Board Changes
Placing, Loan Conversion, Warrants, Board Changes.
About this update from Catenai Plc
[{"type":"text","content":"\n\n12 March 2024\n \nCatenai PLC\n \n(\"Catenai\" or the \"Company\")\n \nPlacing, Conversion of Loan Facility, Issue of Warrants, Board Changes\nPlacing\nCatenai PLC (AIM: CTAI), the AIM quoted provider of digital media and technology, announces that the Company has issued 265,533,330 new ordinary shares at a price of 0.3 pence per share (\"Placing\") of which 153,333,333 will be issued and allotted under existing authorities (\"First Tranche\"), with the balance of 112,199,997 new ordinary shares being issued and allotted conditional on approval of additional shareholder authorities, which will be sought at a General Meeting of the Company (\"Second Tranche\"). The General Meeting is expected to occur in early April 2024, a further announcement convening a General Meeting will be made shortly.\n \nThe First Tranche will be satisfied through gross proceeds of £460,000.\n \nThe Second Tranche will be satisfied through:-\n \n\n\n\n\nGross proceeds\n\n\n£260,000\n\n\n\n\nFee shares to settle liabilities\n\n\n£56,600\n\n\n\n\nAccrued director fees settled in shares\n\n\n£20,000\n\n\n\n\n \nThe gross proceeds of the Placing will be used for general working capital purposes.\n \nThe issue price of the Placing Shares represents a discount of 40% to the closing price per ordinary share as at the close of business on 11 March 2024.\n \nConversion of Loan Facility\nFurther to the announcement on 17 January 2024, the holder of the convertible loan note (\"Loan Note\") Sanderson Capital Limited (\"Sanderson\") has elected to convert £151,000 of the Loan Notes and £65,100 of Loan Note fees into new ordinary shares in the Company at a conversion price of 0.3 pence per share. Accordingly, 72,033,333 new ordinary shares will be issued to Sanderson (\"Loan Note Shares\").\n \nIssue of Warrants\nSanderson will be issued a warrant over 25,166,666 new ordinary shares in the Company. The warrants will be exercisable for a period of 36 months from the date of Admission with an exercise price of 0.3 pence per new ordinary share (\"Warrants\").\n \nDirectors' Interests Following Placing\n \nAs part of the Placing, accrued director fees of £20,000 will be settled through the issue of 6,666,666 new ordinary shares at a price of 0.3 pence per share as detailed in the table below:\n \...