Polemos PLC Issue of Convertible Loan Notes (9546G)
November 09 2018 - 10:13AM
UK Regulatory
TIDMPLMO
RNS Number : 9546G
Polemos PLC
09 November 2018
9 November 2018
POLEMOS PLC
(AIM: PLMO)
Convertible Loan Note Issue
Polemos plc ("Polemos" or "the Company"), is pleased to announce
a conditional Placing (the "Placing") of GBP220,000 via Convertible
Unsecured Loan Notes ("CLNs") by the Company's broker, Peterhouse
Capital.
The CLNs have a term of 3 months and no coupon.
The issue of the CLNs is conditional on the Company completing a
Reverse Takeover and on the Admission of the enlarged ordinary
share capital to trading on a Recognised Investment Exchange. When
issued, the CLNs will have a conversion price of 25% discount to
the price on Re-admission.
The net proceeds of this Placing, combined with the Company's
current cash resources and after meeting previously undisclosed
liabilities that came to light after the appointment of the current
directors, satisfy its commitment as part of the agreed terms with
Digitalbox Publishing Holdings Limited ("DBPH") to have a minimum
cash balance of GBP500,000k (before transaction costs) immediately
before completion of the proposed Reverse Takeover ("RTO") with
DBPH.
Significant progress on the transaction has been made and the
Company's is working towards a readmission early in the New Year.
It has been agreed with DBPH to extend the exclusivity period in
relation to the proposed RTO to 31 January 2019.
Enquiries:
Polemos plc www.polemos.co.uk
Nigel Burton, Chairman +44 (0) 7785 234 447
WH Ireland Limited - Nominated www.whirelandcb.com
Adviser
Mike Coe / Chris Savidge +44 (0) 117 945 3470
Peterhouse Capital Limited www.peterhousecap.com
- Joint Broker
Lucy Williams +44 (0) 20 7469 0930
Leander Capital Partners Limited www.leandercap.com
- Joint Broker
Alex Davies +44 (0) 20 7195 1458
Hugh Kingsmill Moore +44 (0) 20 7915 1425
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END
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