Arria NLG PLC Financing update (4508L)
03 October 2016 - 5:00PM
UK Regulatory
TIDMNLG
RNS Number : 4508L
Arria NLG PLC
03 October 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN, INTO, OR FROM ANY JURSIDICTION WHERE TO DO SO WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR")
3 October 2016
Arria NLG plc
("Arria NLG" or the "Company")
Financing update
Arria NLG (AIM: NLG), a world leader in artificial intelligence
and natural language generation ("NLG"), is pleased to announce
that it has reached agreement with investors, subject to the
completion of the relevant documentation, for the subscription of
approximately GBP2.7 million of unsecured convertible loan notes
("Loan Notes") with C warrants attached. The subscribers include
existing and new investors in the Company.
The terms of the Loan Notes are substantially the same as those
announced on 29 June 2015 and in summary the key terms are as
follows:
-- interest at the Bank of England base rate (currently 0.25%)
plus 5%, payable in cash, either annually or upon maturity (at the
Company's election);
-- maturity date of 31 October 2019 with the Company having a
right to make repayment before the maturity date; and
-- convertible in to new ordinary shares in the Company at a
price of 40p per new ordinary share. Loan Note holders are able to
convert their Loan Note principal and any unpaid interest into new
ordinary shares in the Company shortly before repayment or the
maturity date, and annually during a specified window.
Subscribers for the Loan Notes will receive two unlisted
warrants to subscribe for new ordinary shares in the Company for
each US$1.00 invested in the Loan notes, exercisable up to 11 June
2019, at 12p per new ordinary share (the "C Warrants").
The proceeds of the issue of Loan Notes will be applied to
satisfy the Company's general short term working capital
requirements.
As previously announced, the Company continues to advance its
plans for the listing of the securities of a new New Zealand
holding company ("Arria NLG Group") on the main board of the New
Zealand Stock Exchange and secondary listings on the Australian
Securities Exchange and the standard segment of the Main Market of
the London Stock Exchange plc (together, the "Listings"). Further
announcements will be made in due course.
The Company also advises that under the subscription and sharing
agreements between the Company and Lanstead Capital L.P.
("Lanstead"), details of which were announced on 15 October 2015,
the monthly payments under the sharing agreements commenced during
February 2016 and have continued since. To date the Company has
received GBP1.58 million from Lanstead under the sharing
agreements.
Sharon Daniels, Chairman and Interim Chief Executive Officer of
Arria NLG, commented: "We are very pleased by the support we have
received from Lanstead and other existing and new shareholders. The
Listing process is progressing and we look forward to providing
further details over the coming weeks."
For further information, please visit www.arria.com or
contact:
Arria NLG plc - Chairman Tel +44 (0)20 7100 4540
and Interim Chief Executive
Sharon Daniels
---------------------------- -----------------------------------------
Allenby Capital (Nominated Tel: +44 (0)20 3328
Adviser & Joint Broker) 5656
Nick Naylor
Jeremy Porter
James Reeve
---------------------------- -----------------------------------------
MSL Capital Markets Tel: +64 (0)4 472 2716
(Lead Manager)
Andrew McDouall
Justine Dunnett
Peter Lynds
---------------------------- -----------------------------------------
Stockdale Securities Tel: +44 (0)20 7601
(Joint Broker) 6100
Antonio Bossi
Robert Finlay
---------------------------- -----------------------------------------
IFC Advisory (Financial Tel: +44 (0)20 3053
PR and IR) 8671
Tim Metcalfe tim.metcalfe@investor-focus.co.uk
Graham Herring graham.herring@investor-focus.co.uk
Heather Armstrong heather.armstrong@investor-focus.co.uk
---------------------------- -----------------------------------------
Ruder Finn (PR USA)
Scott Beaver (West Coast) Tel: +1 541-326-5847
Brianna Mulligan (East Tel: +1 203-246-1304
Coast)
---------------------------- -----------------------------------------
Arria NLG
Arria NLG's core product is known as the Arria NLG Platform, a
form of artificial intelligence software, specialised in extracting
information from complex data sources and communicating that
information in natural language (i.e. as if written by a human).
The scientific foundation for the Arria NLG Platform is based on
more than 30 years of research and development by the
Arria|Data2Text Founders at the University of Aberdeen. For
additional information, visit www.arria.com. Follow Arria NLG on
Twitter, LinkedIn, Google+ and YouTube.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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