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Crowd for Angels (UK) Limited Loan
Crowd for Angels (UK) Limited Loan.
About this update from Earnz Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3043A\n Verditek PLC\n 01 June 2021\n \n \n \n This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (MAR), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.\n \n \n \n \n 1 June 2021\n \n \n \n \n \n Verditek PLC\n \n \n (\"Verditek\" or the \"Company\")\n \n \n Crowd for Angels (UK) Limited Loan \n \n \n Verditek plc, (AIM:VDTK), the international\n green technology company that develops, manufactures and sells lightweight solar panels, is pleased to announce that it is issuing a corporate \"green\" bond to raise up to £500,000. \n The bond, yielding 7%, is being issued through crowdfunding platform Crowd for Angels, which is underwriting the first £225,000. The bond term is two years and interest will be paid quarterly. Security will be by way of a floating charge on the assets of the company. Verditek will also issue to Crowd for Angels 10 warrants for each £1 invested for a term of 36 months to subscribe for new ordinary shares at the closing bid price immediately prior to the date of the Loan Note agreement. The closing bid price on 28 May 2021 was 3.1p.\n \n In addition, one of Verditek's non-executive directors is entering into a bond with similar terms for £25,000 directly with the Company. Gavin Mayhew's participation in a bond constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules.\n \n \n The independent directors consider, having consulted with the Company's nominated adviser, WH Ireland, that the terms of Gavin's participation in a bond are fair and reasonable insofar as the Company's shareholders are concerned.\n \n Verditek will use the proceeds of the bond issue principally to provide additional working capital. \n \n The pitch can be accessed via the following link: \n https://crowdforangels.com/company/plc/verditek-plc-1054\n \n \n \n Verditek CEO Rob Richards commented: \"Verditek has a strong pipeline of potential projects and we are seeking additional working capital of up to £500,000 of which half has already been committed\"\n \n Crowd for Angels CEO Andrew Adcock said: \"The green revolution is upon us and we are proud ...