Live Co Group PLC said on Monday it has arranged to fully repay a debt facility early in cash via a new equity subscription following last month’s announcement.
The Surrey, England-based live events and entertainment company said it has raised £200,000 via issuing 10.0 million new shares at a price of 2.0 pence per share.
Live Co said it has been agreed that the first £50,000 instalment will be paid in cash between April 15 and May 30, with the remaining £50,000 settled in either cash or by the issue of ordinary shares commencing on August 1.
Monday’s announcement comes after Live Co declared it received an unconditional offer for a prepayment facility and had entered a deal for the provision of up to £500,000 short-term working capital in the form of an institutional placing agreement back in February.
The company had said it would draw down £217,474 gross as an initial prepayment, while its investor RiverFort Global Opportunities PCC Ltd, would on closing also subscribe for 5.7 million ordinary shares for a total of £56,543.16.
The facility was offered to provide additional support for Live Co’s short-term working capital requirements, as the company looks to deliver on two K-POP festivals and other contracts, whilst continuing to close further deals.
Live Co shares were up 4.9% at 1.91 pence in London on Monday afternoon.
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