Business
Convertible Loan Notes due 2021
Convertible Loan Notes due 2021.
About this update from Westmount Energy Limited
[{"type":"text","content":"\n \nRNS Number : 0598F Westmount Energy Limited 24 October 2018 \n\nThe information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \nThis announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company and for the avoidance of doubt this announcement is not an offer and not capable of being accepted.\n \n \n24 October 2018\n \nWESTMOUNT ENERGY LIMITED\n(\"Westmount\" or the \"Company\")\nConvertible Loan Notes due 2021\nDirector/PDMR Shareholding\nThe Board of Westmount is pleased to announce that the Company has raised £1,600,000, from three existing significant shareholders of the Company, including Mr Gerard Walsh (Chairman), through the issue of £1,600,000 principal of 10% convertible unsecured loan notes due 2021 (\"Convertible Loan Notes\"). The Company also announces that it may issue additional Convertible Loan Notes up to a further £3,400,000 by invitation to a restricted circle of existing shareholders and other potential investors (the \"Subscription\") as £5,000,000 principal of Convertible Loan Notes have been created pursuant to a loan note instrument executed by the Company on 24 October 2018 (the \"Loan Note Instrument\").\n \nThe net proceeds of the issuance of Convertible Loan Notes will be used to pursue Westmount's ongoing investment strategy, as well as for general corporate purposes.\n \nPrincipal terms of the Convertible Loan Notes\nThe principal terms of the Convertible Loan Notes are as follows:- \n(a) the Convertible Loan Notes are repayable at their full nominal value on 31 March 2021, unless the Company elects to repay (by issue of an \"Early Repayment Notice\"), in whole or in part, the Convertible Loan Notes at their full nominal value at any earlier time and without penalty, by giving not less than 20 days' notice thereof to the holders of the Convertible Loan Notes (the \"Noteholders\") or such notice period as the Company and the relevant holder may agree;\n(b) the Convertible Loan Notes will become repayable immediately (toge...