Live Company Group PLC (AIM:LVCG) said it has arranged to fully repay a short-term prepayment facility early in cash by way of an equity subscription with long-term shareholders.
The company had agreed to the £200,000 Riverfort facility on 3 February 2023, but will now pay the first £50,000 tranche between 15 April and 30 May this year.
The remaining tranches of £50,000 will be settled in cash or by the issue of new shares, according to a statement.
Funding for the early repayment has been provided by the company raising £200,000 via direct subscriptions by existing shareholders for 10mln ordinary shares at 2p each.
Live Company will also issue 12.5mln warrants to subscribe for 12.5mln shares, each providing the holder with the right to one share on exercise. The warrants will be exercisable at a price of 3.5p for a two-year period from the date of admission of the subscriptions, the events group behind Bricklive said.
Furthermore, the AIM-listed company said certain warrants issued over the last two years will be rebased to provide a “realistic target against the current share price and therefore provide the company with the potential funding benefit of exercise in due course.”
Warrants that will be rebased include 1.5mln issued in May 2021, 11.4mln issued in December 2021, and 8mln issued in July at prices of 5p, 5p and 8p, which will now all be exercisable at 3.5p.