Business
Issue of Equity and Conversio
Issue of Equity and Conversio.
About this update from Quantum Blockchain Technologies Plc
[{"type":"text","content":"\n RNS Number : 1439G Brainspark PLC 26 January 2010 \n \n26 January 2010\n\nBrainspark Plc\n(\"Brainspark\" or the \"Company\")\n\nIssue of Equity and Conversion of Loan\n\nBrainspark plc (AIM: BSP), the AIM quoted investment company, is pleased to announce that it has completed a placing of 350,000,000 new ordinary shares of 0.01 pence each in the Company (the \"Placing Shares\") at a price of 0.7p per share, raising £2,450,000 (before expenses) for the Company (the \"Placing\"). The Placing has been coordinated and underwritten by RCF SA (\"RCF\"), a portfolio management company of which Alfredo Villa, CEO of Brainspark, is Managing Director and a discretionary fund manager. All of the Placing Shares have been acquired by Bank Degroof. RCF is entitled to a fee of 10 per cent. of the total placing proceeds as payment for arranging and underwriting the Placing. The net proceeds of the Placing will be used by the Company for general working capital purposes.\n\nFrancesco Gardin, Chairman of Brainspark, commented \"We are pleased to be able to announce a fundraising of this size and to be able to use the proceeds of the Placing to fund further acquisitions over the coming months in line with our investing strategy.\"\n\nAlfredo Villa has also decided to convert a convertible a loan note of £125,000 in Brainspark into new ordinary shares in the Company (the \"Loan Conversion\"). The Loan Conversion is convertible at 0.65 pence per Brainspark share and will result in the issue of 19,230,769 new ordinary shares in Brainspark.\n\nAs Alfredo Villa is a major shareholder and director of Brainspark, the Placing and Loan Conversion constitutes a related party transaction under rule 13 of the AIM Rules for Companies. The directors of Brainspark (with the exception of Alfredo Villa), having consulted with Allenby Capital Limited, the Company's nominated adviser, consider that the terms of the Placing and Loan Conversion are fair and reasonable insofar as the Company's shareholders are concerned.\n\nThe Placing and Loan Con...