Business
Conversion of Securities
Conversion of Securities.
About this update from Supply@me Capital Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7116T\n Supply @ME Capital PLC \n 26 November 2021\n \n \n \n \n \n \n \n 26 \n November 2021\n \n \n \n \n \n \n \n \n \n \n \n Supply@ME Capital plc\n \n \n (The \"Company\" or \"SYME\")\n \n \n Convertible Loan Notes issued on 1 November 2021\n \n \n Conversion of the outstanding amount\n \n \n \n \n \n Supply@ME Capital plc, the innovative fintech platform (the \"Platform\") which provides the Inventory Monetisation© service to manufacturing and trading companies, announces that it has received a conversion notice from \n Mercator Capital Management Fund LP (\"Mercator\")\n in respect of the outstanding £300,000 in principal amount of the Convertible Loan Notes issued by the Company on 1 November 2021, in lieu of a cash repayment, in accordance with the terms of the Loan Note Facility announced in the RNS of 29 September 2021 (the \"Loan Note Facility\").\n \n \n SYME issued Convertible Loan Notes with a total principal value of £458,333.34 to Mercator on 1 November 2021 in order to support the working capital needs of the Company and its operating subsidiaries (the \"Group\"), in particular, the delivery of the first inventory monetisation transaction, and also to fund further developments of the Platform to underpin the Group's White-Label product offering.\n As stated in the RNS of 17 November 2021, SYME previously received a conversion notice from Mercator for an initial £158,333.34 in principal amount of the Convertible Loan Notes as issued by the Company on 1 November 2021.\n \n \n Following receipt of this second conversion notice, the remaining £300,000 of the Convertible Loan Notes issued on 1 November are to be converted into 221,836,063 Ordinary shares (the \"Conversion Shares\") at a conversion price of £0.00135, representing 0.6% of the Company's issued share capital prior to the issue of the Conversion Shares. On conversion, no Convertible Loan Notes issued by the Company to Mercator on 1 November 2021, will remain outstanding. The Company will continue to monitor its working capital and growth needs and will decide, at its discretion and in line with the Loan Note Facility, at each of the monthly repayment date, if the amount to be repaid will be satisfied by cash or the issue of new Convertible Loan Notes. \n \n \n In addi...