CloudTag say it received a notice of conversion in respect of £250,000 of notes yesterday which were issued to L1 Capital Global Opportunities Master Fund.
The £250,000 of notes have been converted at a conversion price of 6.5 pence per ordinary share resulting in the issue of 3,846,154 new ordinary shares. Under the terms of the conversion the company has also issued L1 with a warrant over 3,846,154 new ordinary shares 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) 11.0 pence per share
The remaining aggregate unconverted nominal value of the notes issued to L1 is £1,100,000.
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