Business
Issue of Equity, Warrant Surrender, CLN & RPT
Issue of Equity, Warrant Surrender, CLN & RPT.
About this update from Tsp Advanced Technologies Plc
[{"type":"text","content":"\n\n14 March 2024\n \nTruSpine Technologies plc\n(\"TruSpine\" or the \"Company\")\n \nIssue of Equity, Director Dealing, Surrender of Warrants, Approval of\nConvertible Loan Note and Related Party Transaction\nTruSpine Technologies plc, (AQSE: TSP) the medical device company focused on the development of its pioneering \"screwless,\" spinal (vertebral) stabilisation systems is pleased to announce that the Company has today taken a step forward with a new funding package.\nHighlights:\n· The Company has raised £290,740 through the issue of 19,382,698 new ordinary shares at a price of 1.5 pence per share (\"Fundraise\");\n· The Company has entered into warrant surrender deeds with certain warrant holders of the Company over 16,000,000 new ordinary shares (\"Warrant Surrender\")\n· The Company has approved an unsecured convertible loan note to the value of up to £1,500,000 (\"CLN\")\n· In aggregate, the Company has raised gross proceeds of approximately £427,000 through the Fundraise and CLN\nGeoff Miller, Non-executive Chairman commented: \"I am delighted to announce that we have completed this second step towards a new future for TruSpine, the first being the changes to the Board announced last week. On Friday we will take a further step forward by providing all shareholders with an opportunity to meet with the Board at the previously announced AGM. I look forward to updating shareholders.\"\n \nFundraise\nThe Company has issued 19,382,698 new ordinary shares at a price of 1.5 pence per share (\"Fundraise Shares\") raising gross proceeds of £290,740. The Company used existing shareholder authorities and authority that was released following the Warrant Surrender, further details of which are set out below.\n \nGeoff Miller, a director of the Company subscribed for 7,561,828 new ordinary shares in the Fundraise. \n \nConvertible Loan Note\nThe Company has approved the issue of a CLN for up to £1,500,000. The Company has currently received £136,537 of subscriptions under the CLN. The terms of the CLN are set out below:-\n \n\n\n\n\nInterest rate:\n\n\nnil\n\n\n\n\nConversion price:\n\n\n1.5 p\n\n\n\n\nRedemption date:\n\n\n30 June 2024 or on availability of additional shareholder authority\n\n\n\n\n \nGeoff M...