REG - Veltyco Group PLC - Convertible Loan
RNS Number : 3600MVeltyco Group PLC16 September 201916 September 2019
Veltyco Group plc
("Veltyco", the "Company" or the "Group")
Convertible Loan
Veltyco Group plc (AIM:VLTY), the online marketing and operating company for the gaming industry, is pleased to announce that it has raised €300,000 (£270,000) pursuant to a subscription for convertible loan notes (the "Convertible Loan") with an existing investor (the "Noteholder"). The proceeds of the Convertible Loan will be used for general working capital purposes.
The Convertible Loan has a three-year term and a 10% coupon, payable in arrears at the end of each quarter, with the first instalment due to be paid on 31 December 2019. The Convertible Loan is convertible at any time by the Noteholder at a price of 8p per new ordinary share of no par value ("Ordinary Share"). The Convertible Loan will automatically convert into Ordinary Shares if the closing mid-market price of an Ordinary Share is 15p or more for 25 consecutive business days. The Convertible Loan is unsecured.
Further to the Company's announcement on 16 July 2019, and notwithstanding the Convertible Loan, the Directors continue to manage the Group's cash resources carefully and continue to explore further appropriate sources of capital.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
Veltyco Group Plc +44 (0)1624 605 764
Paul Duffen, Chairman
Marcel Noordeloos, Chief Financial Officer
Strand Hanson Limited (Nominated Adviser) +44 (0)20 7409 3494
James Harris / Richard Tulloch / James Dance
Whitman Howard Ltd (Broker) +44 (0)20 7659 1234
Nick Lovering / Christopher Furness
IFC Advisory (Financial PR & IR) +44 (0)20 3934 6630
Graham Herring / Tim Metcalfe / Zach Cohen
About Veltyco
Veltyco is a group of companies focused on the operation of its own online Sportsbook and Casino product as well as marketing activities for other online gaming companies.
Website: www.veltyco.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDIODSFMSAIFUSEEU
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