Monchhichi has announced that the maturity date of the Bonus Warrants, issued to shareholders on the register on 5 January, has been extended until 24 December 2017.
In addition, the Company has placed 30m assignable Investment Warrants that can convert into an equivalent number of new ordinary shares at 47.5p per share with two international investors and the Company's CEO.
The upfront investment consideration per Investment Warrant is 1p premium for a total cash amount of £300,000.
"The Investment Warrants maturity date is 24 December 2017. The maturity date accelerates to 15 working days from the date Monchhichi provides notification to the Investment Warrant holder that it has entered into a binding agreement for one or more investments with a combined value of at least £40 million and with a minimum of 25% of such consideration being satisfied through the issuance of newly issued shares of the Company at a notional price of 60p per Monchhichi share or more. Should these Investment Warrants be exercised in full it would raise a total of £14.55 million in cash for the Company including the initial upfront 1.0p premium per Investment Warrant. As part of the issuance 5 million Investment Warrants have been subscribed for by Monchhichi CEO Jean Pascal Tranie."
At 2:12pm: (LON:MCC) Monchhichi PLC prev.Mercom share price was -1.5p at 34.5p