CloudTag Inc. Conversion of £0.3 million Loan Notes (9916W)
February 15 2017 - 9:02AM
UK Regulatory
TIDMCTAG
RNS Number : 9916W
CloudTag Inc.
15 February 2017
15 February 2017
Cloudtag Inc.
("Cloudtag" or the "Company")
Conversion of GBP0.3 million of Loan Notes
Issue of Warrants and Issue of Equity
Cloudtag (CTAG:LN), the company that brings personal monitoring
to the wellbeing, fitness and digital health markets hereby
announces that on 15 February 2017 it received a notice of
conversion in respect of GBP300,000 of Notes (based on the nominal
value of such notes) which were issued to L1 Capital Global
Opportunities Master Fund ("L1").
Definitions used in this announcement are taken from the
Company's announcements dated 7 November 2016 and 28 November 2016
("Notes Announcements") unless otherwise stated.
Conversion of Loan Notes and Issue of Warrants
The GBP300,000 of Notes have been converted at a conversion
price of 4.5 pence per ordinary share ("Conversion") resulting in
the issue of 6,666,667 new ordinary shares (the "Conversion
Shares").
Under the terms of the Conversion the Company has also issued L1
with a warrant over 6,666,667 new ordinary shares in the Company
with an exercise price the lower of:-
a) 90% of the closing bid price per ordinary share on the day
immediately prior to the date of exercise of such warrants, or
b) 5.5 pence per share.
The terms of the Warrants are as stated in the Notes
Announcements. Both the conversion price in respect of the Notes
and exercise price in respect of the Warrants have been rounded
down to the nearest GBP0.005 in accordance with the terms of the
relevant agreements.
The remaining aggregate unconverted nominal value of the Notes
issued to L1 is GBP100,000.
Application will be made for the admission of the Conversion
Shares to trading on AIM and it is expected that dealings in the
Shares will commence on or around 21 February 2017. The Shares will
rank pari passu in all respects with the Company's existing
ordinary shares.
Following the issue of the Conversion Shares, the total number
of ordinary shares in issue will be 445,882,693. This number may be
used by shareholders as the denominator for the calculation by
which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Cloudtag Inc. +1 345 949 45 44
Amit Ben-Haim / Tony Reeves contact@cloudtag.com
UK Investor Relations +44 (0) 20 7052 8469
investors@cloudtag.com
Cairn Financial Advisers
LLP (Nominated Adviser)
Liam Murray / Jo Turner +44 (0) 20 7213 0880
This information is provided by RNS
The company news service from the London Stock Exchange
END
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