Business
Subscription to raise £0.39 million
Subscription to raise £0.39 million.
About this update from Chill Brands Group Plc
[{"type":"text","content":"\n \nRNS Number : 6848C Zoetic International PLC 12 February 2020 \n\nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n12 February 2020\n \nZoetic International plc \n(\"Zoetic\" or the \"Company\") \n \nSubscription to raise £0.39 million for the Company\n \nZoetic, the London listed vertically integrated CBD company, is pleased to announce that it has raised £387,000 through a subscription for £330,000 of convertible loan notes (the \"Loan Notes\") and 950,000 ordinary shares of 1 pence each (\"Ordinary Shares\") at a price of 6 pence per Ordinary Share (the \"Subscription Shares\") by an individual, Mr John Story (together, the \"Subscription\"). \n \nThe proceeds of the Subscription will be applied primarily to accelerate the contract manufacturing of Zoetic's products in the US. As the Company announced on 5 February 2020, subject to concluding a successful trial with the contract manufacturers in the coming weeks, Zoetic is targeting entering into supply contracts with two major distributors with the aim of supplying initial stores in their network by the Spring of 2020.\n \nThe Loan Notes are non-transferable, unsecured and convertible into new ordinary shares in Zoetic at a conversion price of 6 pence per Ordinary Share at any time during the Company's next financial year, being 1 April 2020 to 31 March 2021 when they mature. Conversion may take place in part or in whole. Prior to conversion or repayment, the Loan Notes carry an interest coupon of 7% per annum payable on 31 March and 30 September. Interest is paid in cash and there is no right to convert accrued interest.\n \nThe Subscription Shares comprise the 950,000 shares currently held by the Company in treasury. Following completion of the Subscription, the Subscription Shares will rank pari passu in all respects with the existing Ordinary Shares in issue, including the right to receive all dividends and other distributions declared, and the total number of Ordinary Shares in Zoetic with voting rights will be 149,110,034. This figure may be us...