Brief: Crescent Enters Into Financing Agreement With LDA Capital Limited

Option NV

22/01/2021 06:50

Jan 22 (Reuters) - Crescent NV  OPIN.BR :
    * CRESCENT NV ENTERS INTO A FINANCING AGREEMENT WITH LDA
CAPITAL
LIMITED
    * LDA AGREED TO COMMIT AN AMOUNT OF UP TO EUR 9.9 MILLION IN
CASH
WITHIN A MAXIMUM OF THREE YEARS
    * CRESCENT HAS COMMITTED TO ISSUE A MINIMUM AMOUNT OF EUR 5
MILLION IN SHARES TO LDA CAPITAL WITHIN 18 MONTHS
    * COMMITMENT IN EXCHANGE FOR NEW ORDINARY SHARES IN CRESCENT
    * MINIMUM SUBSCRIPTION PRICE OF NEW SHARES SHALL NOT BE
LOWER THAN
EUR 0.03, UNLESS OTHERWISE AGREED BY LDA CAPITAL AND CRESCENT
    * UPON EACH EXERCISE OF PUT OPTION, LDA WILL SUBSCRIBE TO A
MINIMUM OF 60% OF VOLUME OF SHARES REQUESTED BY CRESCENT
    * LDA HAS AGREED TO HOLD NO MORE THAN 19.9% OF CRESCENT'S
COMMON
STOCK
    * LDA WILL NOT BE INVOLVED IN MANAGEMENT, NOR WILL HOLD A
SEAT IN
BOARD OF DIRECTORS
    * LDA IS ENTITLED TO RECEIVE WARRANTS FOR UP TO 46.4 MILLION
NEW
CRESCENT ORDINARY SHARES AT EXERCISE PRICE OF EUR 0.046PER SHARE
    * PUT OPTION AGREEMENT PROVIDES THAT COMPANY WILL PAY LDA A
FEE OF
EUR 198,000 (2% OF MAXIMUM AMOUNT OF EUR 9,900,000)

Source text for Eikon:  ID:nBw7lQmCZa 
Further company coverage:  OPIN.BR 

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