Issue of Equity
April 14 2009 - 10:15AM
UK Regulatory
TIDMYSP
RNS Number : 5457Q
Your Space PLC
14 April 2009
Your Space plc ("Your Space" or "the Company")
Issue of Equity
14 April 2009
The Your Space board hereby announces that further to the convertible loan
agreement between Your Space and YA Global Investments, L.P. (f/k/a Cornell
Capital Partners, LP) ("YA Global") dated 19 December 2007 (the "Agreement") and
notified to the market on 21 December 2007, the Company received notice on
25 March 2009 that YA Global Investments wish to convert GBP30,000 of the
principal loan amount (the "Conversion Amount") into ordinary shares of GBP0.10
each in the capital of the Company ("Ordinary Shares").
Pursuant to the Agreement, the Conversion Amount is convertible at a rate which
is the lower of the market price at the date of the issue of the Agreement and
80% of the market price at the date of conversion ("Conversion Price"). However,
inasmuch as the Conversion Price would be lower than the nominal value of
ordinary shares in the company (GBP0.10), YA Global agrees that this conversion
only, shall occur with a conversion price of nominal value, or GBP0.10. As a
result of this conversion, Your Space has allotted and applied for 300,000 new
Ordinary Shares to be admitted to trading on AIM and dealings are expected to
commence on 20 April 2009. This represents approximately 1.3% of the issued
share capital of the Company. The new Ordinary Shares will rank pari passu with
the existing Ordinary Shares in issue and increase the issued share capital to
23,148,709.
For further information please contact:-
Steve Turton, Director, Your Space plc 0151 229 1702
Sue Lace, Company Secretary, Your Space plc 0151 229 1703
Richard Hughes / Bobby Fletcher, Zeus Capital0161 831 1512
This information is provided by RNS
The company news service from the London Stock Exchange
END
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