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AfriAg PLC Completes GBP600,000 Placing and Equity Swap Agreement


Thursday, 12 Sep 2013 02:00am EDT 

AfriAg PLC announced that it has entered into a GBP600,000 Placing and Equity Swap Agreement with YA Global Master SPV, Ltd. (YAGM) at 2.06 pence per share, a 10% premium to September 11, 2013 closing mid-market price. YAGM have agreed with the Company that they will not dispose of any shares for an initial two month period. YAGM have subscribed for a total of 29,126,213 new ordinary shares in the Company at a price of 2.06 pence per share for a gross GBP600,000 in aggregate. Of this amount, GBP300,000 will be paid by AfriAg to YAGM under the Equity Swap Agreement under which AfriAg will receive a base amount of GBP25,000 per month for a 12 month period. The final amount of these monthly funds received by the Company under the Equity Swap Agreement will be dependent on the future price performance of the Company's ordinary shares. 

Company Quote

0.375
0.0 +0.00%
19 Dec 2014