CloudTag Inc. Conversion of £600,000 Loan Notes (8856P)
23 Novembre 2016 - 8:00AM
UK Regulatory
TIDMCTAG
RNS Number : 8856P
CloudTag Inc.
23 November 2016
23 November 2016
CloudTag Inc.
("CloudTag" or the "Company")
Conversion of GBP600,000 Loan Notes
Issue of Equity
Issue of Warrants
CloudTag (CTAG:LN), the company that brings personal monitoring
to the wellbeing, fitness and digital health markets hereby
announces that it has received notice of conversion in respect of
GBP600,000 of Tranche 1 Notes (based on the nominal value of such
notes) issued to L1 Capital Global Opportunities Master Fund ("L1")
at a conversion price of 9.5 pence per Conversion Share
("Conversion"), the details of which were announced to the market
on 7 November 2016 ("Notes Announcement") and pursuant to which
6,315,790 new ordinary shares (the "Shares") fall to be issued.
Definitions used in this announcement are taken from the Company's
announcement dated 7 November 2016.
Under the terms of the Conversion the Company has also issued to
L1 6,315,790 warrants 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) 13.125 pence
per share. The terms of the Warrants are as stated in Notes
Announcement.
The Company has been informed by L1 that following the issue of
new ordinary shares, their shareholding in the Company's enlarged
issued share capital will represent less than 3% and the remaining
nominal balance of the outstanding Tranche 1 Notes held by L1 is
GBP1.2 million. In the event that the Escrow Amount is not released
(as referred to in the Notes Announcement), the nominal balance of
the Tranche 1 Notes outstanding (following the Conversion) will be
GBP0.45 million.
Application will be made for the admission of the Shares to
trading on AIM and it is expected that dealings in the Shares will
commence on or around 28 November 2016. The Shares will rank pari
passu in all respects with the Company's existing ordinary
shares.
Following the issue of the Shares, the total number of ordinary
shares in issue is 385,611,752. 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.
Enquiries
CloudTag Inc. +1 345 949 45 44
Amit Ben-Haim contact@cloudtag.com
Cairn Financial Advisers LLP
(Nominated Adviser) +44 (0) 20 7213
Tony Rawlinson / Jo Turner 0880
Tavistock Communications Limited
(Financial PR) +44 (0) 20 7920
Mike Bartlett / Andrew Dunn 3150
This information is provided by RNS
The company news service from the London Stock Exchange
END
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