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CloudTag receives £400,000 from loan notes conversion

L1 has consistently exercised its right to convert loan notes into shares

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The remaining aggregate unconverted nominal value of the notes issued to L1 is £400,000.

L1 Capital Global Opportunities Master Fund has shown its faith in CloudTag Inc (LON:CTAG) by converting another parcel of loan notes into shares.

£400,000 of notes were converted at a conversion price of 4.5 pence per ordinary share, resulting in the issue of 8.89mln shares in the maker of wearable devices that monitor fitness, health and well-being.

The newly issued shares come with warrants attached, exercisable at a maximum price of 5.5p per share.

Shares in CloudTag were up 6.7% at 5.07p in early trading.

Quick facts: CloudTag Inc

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AIM:CTAG
Market: AIM
Market Cap: -
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