Brief: Buddy Technologies Announces Equity Capital Raising, Debt Restructure And Company Update

Buddy Technologies

16/07/2021 02:10

July 16 (Reuters) - Buddy Technologies Ltd  BUD.AX :
    * EQUITY CAPITAL RAISINGS, DEBT RESTRUCTURE AND COMPANY
UPDATE-BUD.AX
    * TO UNDERTAKE ENTITLEMENT OFFER TO RAISE UP TO AN
ADDITIONAL A$10
MILLION (BEFORE COSTS)
    * FIRM COMMITMENTS RECEIVED TO RAISE A$6.5 MILLION
    * PLACEMENT AT ISSUE PRICE OF A$0.025/SHARE
    * ENTERED ARRANGEMENTS WITH EASTFIELD TO SETTLE ALL AMOUNTS
OWING
VIA PAYMENT OF US$2.75 MILLION TO EASTFIELD
    * ALSO RESTRUCTURED ITS EXISTING US$10M TERM DEBT FACILITY
WITH
PFG
    * WILL EITHER ISSUE TO PFG PROMISSORY NOTES WITH A FACE
VALUE OF
UP TO US$4.25 MILLION OR CONVERTIBLE NOTES AT PRICE OF A$0.025
PER SHARE
    * BUDDY DOES NOT RAISE SUFFICIENT FUNDS UNDER ENTITLEMENT
OFFER TO
PAY REMAINDER OF EASTFIELD PAYMENT AND/OR MAKE PFG
    * PROCEEDS FROM PROMISSORY NOTES OR CONVERTIBLE NOTES WILL
BE
UTILISED TO PAY REMAINDER OF EASTFIELD PAYMENT AND/OR MAKE PFG
PAYMENT

Source text for Eikon:  ID:nASX883cjW 
Further company coverage:  BUD.AX 

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