By Devika Patel
Knoxville, Tenn., March 7 - Noventa Ltd. said it has raised $3 million in a private placement of zero-coupon convertible unsecured loan notes.
The notes are convertible into ordinary shares at any time, with a conversion price of £1.75 per share. If the notes are not converted, the principal amount is repayable on Dec. 31, 2020.
Highland African Ventures Ltd. was the investor.
Proceeds will be used for working capital.
Jersey, England-based Noventa is an industrial-scale supplier of tantalum concentrate, a metal used in the consumer electronics industry, and a producer of morganite, a gemstone.
| Issuer: | Noventa Ltd.
|
| Issue: | Convertible unsecured loan notes
|
| Amount: | $3 million
|
| Maturity: | Dec. 31, 2020
|
| Coupon: | 0%
|
| Conversion price: | £1.75
|
| Warrants: | No
|
| Investor: | Highland African Ventures Ltd.
|
| Settlement date: | March 7
|
| Stock symbol: | London: NVTA
|
| Stock price: | 145p at close March 6
|
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