Business
Fundraising of £130,000 via Convertible Loan ...
Fundraising of £130,000 via Convertible Loan ....
About this update from Mediazest Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\nMarket 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.\n7 August 2023\nMediaZest Plc\n(\"MediaZest\", the \"Company” or the “Group”; AIM: MDZ)\n \n Fundraising of £130,000 via Convertible Loan Notes and Repayment of £150,000 3 Year Convertible loan notes issued 5 August 2020\n \n \nMediaZest (AIM: MDZ), the creative audio-visual company, announces that it has raised £130,000 (before expenses) via the issue of new 3-year unsecured convertible loan notes (the “New CLNs\") to existing investors (the “Fundraise”). The Company has also repaid £150,000 of unsecured convertible loan notes previously issued on 5 August 2020, which had a maturity date of 5 August 2023 (the “Existing CLNs”). \n \nThe gross amount raised via the Existing CLNs was £150,000 via subscriptions from four different shareholders. Of these, three shareholders have agreed to enter into the New CLNs via subscriptions totalling £130,000 and one shareholder has been repaid £20,000 in full from free cashflow.\n \nPursuant to the terms of the Existing CLNs, a total of 28,571,429 warrants over the Company’s ordinary shares of 0.01p (“Ordinary Shares”) have been granted to holders of the Existing CLNs (the “Existing CLN Warrants”). The Existing CLN Warrants have an exercise price of 0.0525p, being the closing mid-market price of MediaZest’s Ordinary Shares on 4 August 2023 and have a twelve month term, expiring on 4 August 2024. \n \nThe net proceeds of the Fundraise will provide the Group with additional working capital. \n \n \nNew CLN Terms\n \nThe terms of the New CLNs are as follows: \n \n- 3-year CLN (the “Term”), with interest of 10% per annum, payable quarterly in arrears;\n \n- MediaZest will ...