Business
Placing and proposed investing policy
Placing and proposed investing policy.
About this update from Tooru Plc
[{"type":"text","content":"\n \nRNS Number : 9686D Viridas PLC 31 March 2011 \n \n\n31 March 2011 \n \nViridas plc (AIM: VIR)\n \nPLACING AND PROPOSED NEW INVESTING POLICY\n \nViridas plc (the \"Company\" or \"Viridas\") is pleased to announce that it has entered into an agreement with Rivington Street Corporate Finance to raise £750,000 through a placing (the \"Placing\") of zero-coupon, unsecured convertible loan notes (the \"Loan Notes\"), with a range of institutional and other investors. It is intended that these funds will constitute a major part of a proposed significant re-positioning of the Company.\nAs part of this proposed major strategic move, Viridas also announces that it intends to seek shareholder approval for its new investing policy. The Company's proposed new investing policy will be to seek to identify further ways to create value for Shareholders through acquisitions in the natural resources sector.\nLoan Notes\nThe key terms of the Loan Notes are:\n· Gross proceeds of £750,000\n \n· Repayable by 31 December 2012 \n \n· Both the Company and Loan Note holders may elect to convert the Loan Notes into ordinary shares of the Company, at any time following the proposed forthcoming General Meeting ('GM'), at a price of 0.25p per share\n \n· It is the intention of the Company to exercise such conversion rights immediately following the General Meeting\n \nGeneral Meeting\nIn order to increase the Company's share capital and authorise the Directors to allot the shares pursuant to conversion of the convertible loan notes, and to approve the new investing policy, the Company intends to shortly convene a GM, at which appropriate resolutions will be put to shareholders for approval. \nInter-alia, it is intended that resolutions to be proposed to shareholders at this proposed GM will cover the following areas:\n·&...