Plexure Group Limited (PLX) issues convertible notes

2:15pm, 3 Feb 2017 | GENERAL

Plexure Group Limited (Plexure) has raised $1,600,000 by the issue of convertible notes.

The key terms of the convertible notes are as follows:

  • Face value of $1 per note
  • Redeemable in 9 months from the date of issue
  • Interest is payable at 8% calculated on a monthly basis and payable (or added to the conversion amount) at the end of the term
  • Conversion to shares at the end of the 9 months at a price of 0.28 per share.
  • Conversion or repayment is at the choice of the holder.

These funds will be used for the support of ongoing operations of Plexure.