Business
Company Raises £2.6 million
Company Raises £2.6 million.
About this update from Chill Brands Group Plc
[{"type":"text","content":"\n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.\n \n \n \n 3 April 2023\n \n \n \n Chill Brands Group plc\n \n \n \n \n (\"Chill Brands\"\n \n or the \"Company\")\n \n \n \n \n \n \n Company Raises £2.6 million\n \n \n \n \n \n \n Chill Brands, the international consumer packaged goods company, is pleased to announce that it has raised £2.6 million (before expenses) from a high net worth investor (the \"Fundraise\").\n \n \n The Fundraise consists of two parts:\n \n \n (1) a Subscription for 25,000,000 new ordinary shares of 1 pence each (\"Ordinary Shares\") at a price of 4 pence per Ordinary Share for a total of £1,000,000 (the \"New Shares\") to be admitted from 15 May 2023; and\n \n \n (2) the issue by the Company of convertible unsecured loan notes (\"Convertible Loan Notes\") with a value of £1.6 million. The Convertible Loan Notes carry a coupon of 12% per annum for a term of three years from the date of issue on 3 April 2023, and will be convertible into Ordinary Shares at 8 pence per Ordinary Share.\n \n \n The New Shares have been issued at 4 pence per Ordinary Share, a 10.1% discount to the closing mid-market price of Ordinary Shares on 31 March 2023. The Convertible Loan Notes are convertible at 8 pence, a 79.8% premium to the closing mid-market price of Chill Brands' Ordinary shares on 31 March 2023. Conversion shall be subject to approval of a relevant shareholder resolution at the next annual general meeting of the Company's shareholders.\n \n \n \n Use of Funds\n \n \n \n The Fundraise, in combination with additional funds raised by way of an investment from a financial institution as announced on 16 March 2023, will provide the Company with growth capital to expand the development and production of its vapour products and to resource marketing initiatives to drive relevant consumer traffic to the Chill.com e-commerce domain.\n \n \n The Company will also develop its internal sales and account support functions for brands joining the Chill.com products marketplace. This will better facilitate the onboarding of recently signed brands and allow the Company to take advantage of B2B sales opportunities by offering an enlarged product range to an array of distributors and retail stores.\n...