PeerTV PLC Convertible Note Agreement (5462E)
10 Fevereiro 2015 - 11:53AM
UK Regulatory
TIDMPTV
RNS Number : 5462E
PeerTV PLC
10 February 2015
10 February 2015
PeerTV PLC
("PeerTV" or the "Company")
Convertible Note Agreement
PeerTV plc (AIM:PTV), a provider of technology solutions for the
OTT (TV over the internet) market, and PCB (printed circuit board)
production solutions announces that it has signed an agreement with
YA Global Master SPV Limited ("YA") to provide a convertible loan
facility of up to $2 million. ("the Facility").
The first two tranches of the facility totaling $295,000, the
first $250,000 of which has been drawn down, is being utilized to
purchase the new machinery announced on 3 February 2015 and to
provide working capital.
The principle conditions of the facility include the
following:
a) Interest at the rate of 12% per annum, payable through the
issue of Ordinary Shares of PeerTV at a price of 90% of the lowest
Volume weighted average price ("VWAP") for the 10 trading Days
prior to the Interest Payment Date.
b) Repayment is due two years from the date of drawdown of each tranche.
c) PeerTV is entitled to repay a tranche in part or in whole, in
cash plus a sum equal to 20% of the principal amount being repaid,
plus accrued and unpaid interest on the principal amount being
repaid.
d) YA has the option at any time to give notice to convert all
or part of the outstanding tranches to Ordinary Shares of PeerTV at
the lowest of:
i. 90% of the lowest VWAP during the 10 consecutive trading days
immediately prior to the Conversion Date or
ii. (i) in relation to the Initial Tranche of $250,000 1.24
pence; or (ii) in relation to Subsequent Tranches, 120% of the
Closing Price on the last Trading Day immediately prior to the date
of the initial drawdown of such tranche.
iii. at any time during an Event of Default which has been
continuing for at least 30 calendar days, 70% of the average VWAP
during the five Trading Days immediately prior to the Conversion
Date.
e) In respect of the Standby Equity Distribution Agreement with
YA dated 28 July 2014 PeerTV has agreed that:
i. No request for advances will be made prior to close of
business on 28 February 2015;
ii. for the three month period ending 31 May 2015, advances will
be limited to no more than GBP50,000 per calendar month;
iii. thereafter, so long as any amount is outstanding under any
Tranche, advances will be limited to no more than GBP100,000 per
calendar month;
iv. the Company shall not request any Advances for each period
beginning on the receipt of a notice to convert through to ten
trading days following admission and delivery of the Ordinary
Shares in respect of such Conversion.
PeerTV does not currently have plans of drawing down tranches of
the Facility, other than those described above.
Further enquiries:
PeerTV Plc
Eitan Yanuv, Chairman
Tel: +972 974 07315
ZAI Corporate Finance Limited
Ray Zimmerman / Richard Morrison
Tel: +44 20 7060 2220
Daniel Stewart & Company plc
David Coffman
Tel: +44 207 7766550
This information is provided by RNS
The company news service from the London Stock Exchange
END
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