Business
Fundraising of £150,000 via Convertible Loan N...
Fundraising of £150,000 via Convertible Loan N....
About this update from Mediazest Plc
[{"type":"text","content":"\n \n Market soundings, as defined in the EU Market Abuse Regulation (MAR), were taken in respect of the Fundraise with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement and has been disclosed as soon as possible in accordance with paragraph 7 of article 17 of MAR. Therefore, those persons that received inside information in a market sounding are no longer in possession of inside information relating to the Company and its securities.\n 5 August 2020\n MediaZest Plc\n (\"MediaZest\", the \"Company” or the “Group”; AIM: MDZ)\n Fundraising of £150,000 via Convertible Loan Notes\n MediaZest (AIM: MDZ), the creative audio-visual company, announces that it has raised £150,000 (before expenses) via the issue of unsecured convertible loan notes (the \"CLNs\") to new and existing investors (the “Fundraise”). The CLNs have a maturity date of 5 August 2023 (the “Maturity Date”) and can be converted into ordinary shares of 0.01p in MediaZest (“Ordinary Shares”).\n The net proceeds of the Fundraise will provide the Group with additional working capital.\n CLN Terms\n The terms of the CLNs are as follows:\n \n 3-year CLN (the “Term”), with interest of 7% per annum, payable quarterly in arrears;\n \n \n MediaZest will make a bullet repayment to each investor at the end of the Term if the CLN (in whole or in part) remains unconverted;\n \n \n The Company may repay in full the CLN at any time, including accumulated interest on a pro-rata basis;\n \n \n Each investor can convert the CLNs (in whole or in part) into new Ordinary Shares in MediaZest by serving written notice 14 days after each annual anniversary during the Term;\n \n \n The CLN conversion rate will be calculated by dividing the principal amount of the CLN by the mid-market price of the Ordinary Shares, on the last business day before the relevant anniversary date of the CLN, less a discount of 10%; and\n \n \n If the CLN is repaid at the end of the Term then warrants over new Ordinary Shares will be granted to each investor (the “Warrants”). The number of Warrants granted will be calculated by dividing a sum equal to 10% of the principal amount of the CLN by the mid-market price of the shares in MDZ at on the last business day before the closing of the CLN. The War...