Challenger Acquisitions Limited Additional Resources (8584H)
13 June 2017 - 4:00PM
UK Regulatory
TIDMCHAL
RNS Number : 8584H
Challenger Acquisitions Limited
13 June 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA
OR JAPAN.
For immediate release 13 June 2017
Challenger Acquisitions Limited
("Challenger" or the "Company")
Additional Resources
Challenger Acquisitions Limited (LSE: CHAL) announces that it
has received GBP100,000 (GBP95,000 net of fees) from the setup of a
new GBP1,000,000 unsecured convertible note facility due 8 June
2019 ("Note 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 US$590 million New York Wheel Project which is
currently under construction.
Challenger has also engaged a London based consulting firm, on a
success fee basis, to assist in identifying and securing project
level funding sources for potential Giant Observation Wheel
projects and for other new potential projects in the leisure and
entertainment sectors which the Company is currently
evaluating.
Mark Gustafson, the Company's Chief Executive Officer, said: "We
are very pleased to have a funding facility in place and to be
working on securing additional funding sources for potential new
projects for Challenger. Further updates will be provided in due
course."
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 may be redeemed by the noteholder
following certain noteholder redemption events, which include:
payment default; material breach by the Company not cured within
fifteen trading days; the Company or any of its subsidiaries suffer
an insolvency event.
-- 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
END
UPDGGURPQUPMGAP
(END) Dow Jones Newswires
June 13, 2017 02:00 ET (06:00 GMT)
Cindrigo (LSE:CHAL)
Historical Stock Chart
From Apr 2024 to May 2024
Cindrigo (LSE:CHAL)
Historical Stock Chart
From May 2023 to May 2024