The miner will immediately receive £1mln to be used for “general working capital purposes”, with the option to receive an extra £700,000
PLC () announced late on Tuesday that it has entered a convertible loan agreement with its chief executive and chairman Gati Al-Jebouri.
The miner said it will immediately receive £1mln to be used for “general working capital purposes”, with the option to receive an extra £700,000 over the lender’s discretion, both at an annual interest rate of 8%.
Both sums will have to be repaid in full, with any accrued and unpaid interest, by 25 October 2021, while the lender may choose to cancel the loan at any time.
Al-Jebouri will be able to convert the money into ordinary shares which would be issued at 12.5p each, provided the whole issue remains below 29.9% value of the company.
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