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Veltyco Group PLC (VLTY)

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Monday 16 September, 2019

Veltyco Group PLC

Convertible Loan

RNS Number : 3600M
Veltyco Group PLC
16 September 2019
 

16 September 2019

 

Veltyco Group plc

("Veltyco", the "Company" or the "Group")

 

Convertible Loan

 

Veltyco Group plc (AIM:VLTY), the online marketing and operating company for the gaming industry, is pleased to announce that it has raised €300,000 (£270,000) pursuant to a subscription for convertible loan notes (the "Convertible Loan") with an existing investor (the "Noteholder"). The proceeds of the Convertible Loan will be used for general working capital purposes.

 

The Convertible Loan has a three-year term and a 10% coupon, payable in arrears at the end of each quarter, with the first instalment due to be paid on 31 December 2019. The Convertible Loan is convertible at any time by the Noteholder at a price of 8p per new ordinary share of no par value ("Ordinary Share"). The Convertible Loan will automatically convert into Ordinary Shares if the closing mid-market price of an Ordinary Share is 15p or more for 25 consecutive business days. The Convertible Loan is unsecured.

 

Further to the Company's announcement on 16 July 2019, and notwithstanding the Convertible Loan, the Directors continue to manage the Group's cash resources carefully and continue to explore further appropriate sources of capital.

 

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

 

For further information please contact:

 

Veltyco Group Plc                                                                           +44 (0)1624 605 764

Paul Duffen, Chairman

Marcel Noordeloos, Chief Financial Officer

 

Strand Hanson Limited (Nominated Adviser)                           +44 (0)20 7409 3494

James Harris / Richard Tulloch / James Dance

 

Whitman Howard Ltd (Broker)                                                     +44 (0)20 7659 1234

Nick Lovering / Christopher Furness

 

IFC Advisory (Financial PR & IR)                                                    +44 (0)20 3934 6630

Graham Herring / Tim Metcalfe / Zach Cohen

 

About Veltyco

 

Veltyco is a group of companies focused on the operation of its own online Sportsbook and Casino product as well as marketing activities for other online gaming companies.

 

Website: www.veltyco.com


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