Challenger Acquisitions Limited New Funding (9543O)
August 25 2017 - 2:00AM
UK Regulatory
TIDMCHAL
RNS Number : 9543O
Challenger Acquisitions Limited
25 August 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA
OR JAPAN.
For Immediate Release
25 August 2017
Challenger Acquisitions Limited
("Challenger" or the "Company")
New Funding
Challenger Acquisitions Limited (LSE: CHAL) announces that it
has it has received GBP250,000 (GBP237,500 net of fees) from the
previously announced GBP1,000,000 unsecured convertible note
facility due 8 June 2019 ("Note Facility"). This Note Facility was
announced on 13 June 2017 and restated below. In total GBP350,000
has now been received from this facility.
This Note Facility will be used for general working capital
purposes and to potentially support an acquisition or development
of a project to complement the Company's US$3 million equity
interest in the New York Wheel Project.
Principal terms of the Note Facility
-- The aggregate principal amount is up to GBP1 million with a 24 month term.
-- The convertible note is unlisted, unsecured, transferable and
must be redeemed by the Company on 8 June 2019, in cash unless it
has been fully converted by then into ordinary shares of the
Company ("Ordinary Shares").
-- There are no conversions for the first 120 days.
-- The maximum amount that can be converted in any 30 day period
is 20% of the principle amount.
-- Subject to the conversion limitations noted above, the
noteholder may exercise a conversion at the lowest volume weighted
average price over the 10 days prior to the conversion ("Conversion
Price").
-- Interest is accrued at 8% per annum and payable upon conversion, at the Company's option in:
o cash; or
o by issuing Ordinary Shares in respect of such accrued interest
conversion amount at the Conversion Price.
-- At any time the Company can redeem in cash all or any part of
the outstanding convertible note from the holder at a 25% premium
to the principal amount of such notes.
-- The convertible note and related documentation are governed under the laws of England.
This announcement contains inside information.
**ENDS**
For more information visit www.challengeracquisitions.com or
enquire to:
Challenger Acquisitions Limited
Mark Gustafson +1 604 454 8677
St Brides Partners Ltd (PR)
Lottie Brocklehurst, Charlotte +44 (0) 20 7236
Page 1177
This information is provided by RNS
The company news service from the London Stock Exchange
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