Arria NLG PLC Fundraising Update (6128S)
March 18 2016 - 9:57AM
UK Regulatory
TIDMNLG
RNS Number : 6128S
Arria NLG PLC
18 March 2016
18 March 2016
Arria NLG plc
("Arria NLG" or the "Company")
Fundraising Update
Arria NLG plc (AIM: NLG.L), a technology leader in Natural
Language Generation ("NLG"), is pleased to announce that it has
reached agreement with investors, subject to completion of the
relevant documentation, for the subscription for approximately
GBP1.379 million of unsecured loan notes convertible into the
Company's ordinary shares at 40p per share (the "Loan Notes"). The
Company will issue the convertible loan notes on completion of the
related documentation which is expected to be concluded shortly. A
further announcement will be made at that time.
Of the subscription, GBP420,000 relates to funds outstanding and
announced on 18 November 2015. The Company is in discussions with
potential investors to raise further funds through additional loan
note issues.
The terms of the Loan Notes are the same as those announced on
29 June 2015, but in summary the key terms are as follows:
-- interest at the Bank of England base rate (currently 0.5%)
plus 5%, payable annually in cash or upon maturity;
-- maturity is 31 October 2019 with the Company having a right of payment before maturity; and
-- the conversion price is 40p per ordinary share. Holders can
convert their principal and interest at any time before payment or
maturity.
Subscribers for the new Loan Notes will receive unlisted
warrants to subscribe for new ordinary shares in the Company,
exercisable for a period up to 11 June 2019, at 12p per new
ordinary share (the "B Warrants").
As previously disclosed part of its capital raising plan, the
Company continues to explore a possible listing on the New Zealand
Stock Exchange together with an equity fundraising.
Finally, the Company advises that under the subscription
agreements with Lanstead Capital L.P. announced on 15 October 2015,
the first monthly payment under the Sharing Agreements commenced
during February as anticipated and will continue for a further 17
months (as detailed in the 15 October 2015 announcement).
For further information, please visit www.arria.com or
contact:
Arria NLG plc Tel +44 (0)20 7100 4540
Stuart Rogers
Chairman and Chief Executive
Allenby Capital Tel: +44 (0)20 3328 5656
Nominated Adviser &
Joint Broker
Nick Naylor
Jeremy Porter
James Reeve
MSL Capital Markets Tel: +64 (0)4 472 2716
- Lead Manager
Andrew McDouall
Justine Dunnett
Peter Lynds
Westhouse Securities Tel: +44 (0)20 7601 6100
- Joint Broker
Antonio Bossi
Robert Finlay
IFC Advisory - Financial Tel: +44 (0)20 3053 8671
PR and IR tim.metcalfe@investor-focus.co.uk
Tim Metcalfe graham.herring@investor-focus.co.uk
Graham Herring heather.armstrong@investor-focus.co.uk
Heather Armstrong
Ruder Finn - PR (USA)
Scott Beaver (West Coast) Tel: +1 541-326-5847
Brianna Mulligan (East Tel: +1 203-246-1304
Coast)
Arria NLG
Arria NLG's core product is known as the Arria NLG Platform, a
form of artificial intelligence software, specialised in extracting
information from complex data sources and communicating that
information in natural language (i.e. as if written by a human).
The scientific foundation for the Arria NLG Platform is based on
more than 30 years of research and development by the Data2Text
Founders at the University of Aberdeen. For additional information,
visit www.arria.com. Follow Arria NLG on Twitter, LinkedIn, Google+
and YouTube.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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