Business
Share Facility
Share Facility.
About this update from Distil Plc
[{"type":"text","content":"\n Blavod Extreme Spirits PLC\n29 November 2005\n\n\n 29 November 2005\n\n Blavod Extreme Spirits plc\n\n Committed Share Facility\n\n\nBlavod Extreme Spirits plc ('the Company' or 'Blavod') announces that on 28th\nNovember 2005 it entered into an agreement with the Headstart Group of funds\n('Headstart') under which Headstart has agreed, when called upon by the Company,\nto subscribe for new ordinary shares in the capital of the Company ('Ordinary\nShares') to the value of up to, in aggregate, £5,000,000 (the 'Facility').\n\nThe Facility is available at any time up to 3 years from the commencement date\nat a subscription price for an Ordinary Share of 95% of the lowest closing bid\nprice of an Ordinary Share in the ten trading days following exercise by the\nCompany.\n\nIn consideration for making available the Facility, the Company has agreed to\npay Headstart a one-off underwriting commission of £150,000, payable by the\nissue of 424,088 Ordinary Shares. In addition, the Company has agreed to issue\nwarrants granting Headstart the right to subscribe for up to 1,000,000 Ordinary\nShares in three tranches each exercisable within three years of grant at a\nsubscription price of 38.90 pence.\n\nJeffrey Hopmayer, Chief Executive of Blavod added: 'We are delighted that\nHeadstart has provided an innovative and flexible financing structure that meets\nour requirements. The additional funds will help continue the process of growing\nour business.'\n\nEnquiries:\n\nBlavod Jeff Hopmayer 001 615 771 9111\n\nBrewin Dolphin Mark Brady 0113 241 0129\n\nCardew Group Tim Robertson 020 7930 0777\nCatherine Maitland\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2058,"tagName":"div"}]