Convertible Loan Agreement

RNS Number : 7948C

Levrett PLC

20 April 2017

 

 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO UNITED STATES NEWS WIRE SERVICES OR IN OR INTO, AUSTRALIA, CANADA, JAPAN, THE UNITED STATES OF AMERICA OR SOUTH AFRICA OR ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

For Immediate Release                                                                                  20 April  2017

Levrett Plc

("Levrett" or "the Company")

Convertible Loan Agreement

Levrett, a Company formed to acquire a target company with realisable or developed commercial technologies in the pharmaceutical and biotechnology sector, announces that it has entered into a Convertible Loan Agreement for £200,000 ("Loan") with a private investor.

The Loan is for a fixed term of 12 months and carries interest at 9% per annum, which the Lender can elect to convert. The Loan is convertible into new Ordinary Shares in the Company at a price of 4 pence per share ("Conversion"), and following Conversion the Lender will be granted a one-for-one warrant to subscribe for new ordinary shares at 4 pence per share, exercisable for a period of three years from Conversion. Under the terms of the Loan, the Lender will advance the total sum to the Company within three business days.

The proceeds from the Loan are to be used for general working capital and to support Nuformix Limited in the short-term pending completion of the potential reverse takeover as announced by the Company on 16 September 2016. The acquisition remains conditional, inter alia,  on consent from the UK Listing Authority for the readmission of the combined entity to the Standard List. 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

Enquiries:

Levrett Plc Pascal Hughes, CEO	[phone]
Whitman Howard Limited (Broker and Corporate Advisor) Niall Baird / Nick Lovering	[phone]
Gable Communications Limited (Financial PR) John Bick	[phone] [phone] e: [e-mail]

 

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