Business
Loan Note Conversion and Issue of Equity
Loan Note Conversion and Issue of Equity.
About this update from Valirx Plc
[{"type":"text","content":"\n \nRNS Number : 0044Z ValiRx PLC 11 December 2017 \n\n \n \nValiRx Plc\n(\"ValiRx\" or \"the Company\" or \"the Group\")\n \nLoan Note Conversion and Issue of Equity\n \n \nLondon, UK., 11 December 2017: ValiRx Plc (AIM: VAL), a life science company, which focuses on clinical stage cancer therapeutic development, taking proprietary & novel technology for precision medicines towards commercialisation and partnering, announces the conversion of the second tranche of the YA II CD, Ltd. (\"YA II\") Convertible Loan Facility (\"CLN\").\n \nYA II has elected to convert US$696,202.90 of its CLN (plus accrued interest of US$10,530.52) from Tranche 2 into 47,765,035 ordinary shares at an agreed conversion price of 1.25p per share, subject to the passing of the general meeting of the Resolutions to be proposed to the shareholders of the Company on 21 December 2017. The conversion price of 1.25p has been agreed between the YA II and the Company and supersedes the conversion formulae stated in the announcement dated 2 September 2016. \n \nUS$520,000 (plus interest) on Tranche 2 of the CLN remains outstanding.\n \nThe Table below sets out a summary (excluding accrued interest) of the facility following the conversions and repayment detailed above:-\n \n\n\n\n\n \n\n\nTranche 1\n\n\nTranche 2\n\n\nTranche 3\n\n\nTotal\n\n\n\n\nPar value of tranche\n\n\nUS$1,250,000\n\n\nUS$1,250,000\n\n\nUS$1,250,000\n\n\nUS$3,750,000\n\n\n\n\nAmount drawn down\n\n\n(US$1,250,000)\n\n\n(US$1,250,000)\n\n\nnil*\n\n\n(US$2,500,000)\n\n\n\n\nBalance of tranche available for drawdown\n\n\nnil\n\n\nnil\n\n\nnil*\n\n\nnil\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nTotal conversion / repayment of tranche into ordinary shares/ for cash\n\n\nUS$1,250,00\n\n\nUS$740,529\n\n\nnil*\n\n\nUS$1,990,529\n\n\n\n\nBalance of tranche outstanding\n\n\nnil\n\n\nUS$520,000\n\n\nnil*\n\n\nUS$520,000\n\n\n\n\n*No further balance available as the Company has elected to close tranche 3 of the facility.\n \nEach tranche has a maturity date of 12 months from the date of drawdown. The Convertible Loan Notes bear an interest rate of 9 per cent. per annum.\n \nApplication for the 47,765,035 ordinary shares will be made to the London Stock Exchange and trading in these shares is expec...