Business
Drawdown of Equity Facility & Notice of GM
Drawdown of Equity Facility & Notice of GM.
About this update from Cloudbreak Discovery Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6322G\n Cloudbreak Discovery PLC\n 30 March 2022\n \n \n \n \n 30 March 2022\n \n \n \n \n \n Cloudbreak Discovery Plc\n \n \n (\"Cloudbreak\", or the \"Company\")\n \n \n \n \n \n Drawdown of Equity Facility\nNotice of GM\n \n \n \n \n \n \n Cloudbreak Discovery Plc (LSE: CDL), \n \n a leading natural r\n esource project generator, announces that it has elected to draw down £750,000 of the £10 million Equity Drawdown Agreement with Crescita Capital LLC (\"Crescita\") entered into on 16 February 2021. The shares have been issued at 6.25 pence per share resulting in 12 million new ordinary shares being issued. \n \n \n \n \n \n The parties have agreed to vary the terms of the original agreement. \n If, within six months of a relevant allotment of shares under the Equity Drawdown Agreement, Crescita completes the sale of any of the ordinary shares in Cloudbreak issued to them (or their nominee(s)) pursuant to an equity drawdown notice the following provision shall apply: If the aggregate sale price is less than 110% of the aggregate subscription price paid by Crescita to the Company for such ordinary shares allotted and issued pursuant to the relevant equity drawdown notice (the \"110% Price\"), Cloudbreak shall make a one time payment to Crescita for the shortfall from the 110% Price in ordinary shares or cash at the discretion of Cloudbreak. \n \n \n \n \n \n Notice of General Meeting\n \n \n The Company also announces that it has convened a General Meeting (\"\n \n GM\n \n \") of the Company to be held on 21st April 2022 \n at 520 - 999 West Hastings Street, Vancouver, British Columbia, Canada, V6C 2W2, at 10:00am (PST) 6:00pm (BST). A Notice of the GM will be posted to shareholders shortly.\n \n \n A copy of the document will also be available on the Company's website:\n \n \n \n https://cloudbreakdiscovery.com/investors/\n \n \n \n \n At the GM, in addition to the shareholder authority to enable the balance of the shares to be issued to Crescita under the £10 million Equity Drawdown Agreement should it elect to, the Company will be seeking authority to enable further equity capital to be raised in the coming months, subject to market conditions. The additional capital would be used by Cloudbreak to accelerate the development of its business.\n \n \n \n Kyler H...