LONDON (Thomson Financial) - Software product developer Tadpole Technology
Plc. said it has issued a further 500,000 pounds nominal value convertible loan
notes to provide working capital for the company.
Tadpole said the loan notes, repayable on Oct. 18, 2008, attract interest at
a rate of 2 percent above Barclays Bank Plc.'s base rate for the period from
July 16, 2008, to Oct. 15, 2008, and thereafter 4 percent above Barclays' base
rate if not repaid or converted.
If the loan notes are converted in full, it will result in the issue of 50
million new shares, equivalent to 11.7 percent of Tadpole's current issued share
capital.
Tadpole said it will announce details of a larger fundraising "shortly",
which will provide it with working capital for at least the next 12 months.
On March 26, Tadpole said it has issued 230,000 pounds nominal value
convertible loan notes to provide additional short-term working capital for the
company while it finalises the larger fundraising.
TFN.newsdesk@thomsonreuters.com
kal/jfr
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