CloudTag Inc. Conversion of £1.15 million Loan Notes (5037R)
09 Décembre 2016 - 6:48PM
UK Regulatory
TIDMCTAG
RNS Number : 5037R
CloudTag Inc.
09 December 2016
9 December 2016
CloudTag Inc.
("CloudTag" or the "Company")
Conversion of GBP1.15 million Loan Notes
Issue of Warrants
CloudTag (CTAG:LN), the company that brings personal monitoring
to the wellbeing, fitness and digital health markets hereby
announces that after market closing on 7 December 2016 it received
a notice of conversion in respect of GBP1,150,000 of Tranche 1
Notes (based on the nominal value of such notes) issued to L1
Capital Global Opportunities Master Fund ("L1").
Conversion of Loan Notes
The conversion of GBP1,150,000 of Tranche 1 Notes at a
conversion price of 6.0 pence per Conversion Share ("Conversion"),
the details of which were notified on 7 November 2016 ("Notes
Announcement") and pursuant to which 19,166,666 new ordinary shares
(the "Conversion Shares") are 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 L1
with a warrant over 19,166,666 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) 9.6875 pence per share. The terms of the Warrants are as
stated in the Notes Announcement.
The remaining nominal value of the outstanding Tranche 1 Notes
held by L1 is GBP0.05 million.
Application will be made for the admission of the Conversion
Shares and Exercise Shares to trading on AIM and it is expected
that dealings in the Shares will commence on or around 15 December
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 404,778,418. 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.
The suspension of the Company's AIM securities will remain in
place pending a further notification which will be made in due
course.
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)
Tony Rawlinson, 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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