Draganfly Investments Ltd Related Party Transaction - CLN of £60,000 (7116V)
2018年7月25日 - 5:19PM
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TIDMDRG
RNS Number : 7116V
Draganfly Investments Ltd
25 July 2018
25 July 2018
Draganfly Investments Limited
("Draganfly" or the "Company")
Related Party Transaction - Convertible Loan Note of
GBP60,000
Croesus Mining Pty Ltd, which is acting as a trustee for the
Steinepreis Superannuation Fund, has agreed to lend the Company
GBP60,000 via an unsecured convertible loan note ("CLN").
The CLN is repayable on the first anniversary of the date of the
agreement, being 24 July 2019 and attracts interest at a rate of 8%
per annum. The Company has the right to repay the CLN at any time
and the right at any stage prior to repayment, to convert the CLN
into ordinary shares in the Company at 0.25p per share. This
funding will be used to finance the Company's transaction costs in
relation to a proposed reverse takeover as initially announced on
22 March 2018, and its working capital requirements.
Related Party Transaction
David Steinepreis is beneficially interested in the Steinepreis
Superannuation Fund and has a 39 per cent. holding in Pelamis
Investments Limited, which is a 22.6 per cent. shareholder of the
Company.
Accordingly, the subscription for the CLN by Croesus Mining Pty
Ltd constitutes a related party transaction under Rule 13 of the
AIM Rules for Companies. The Directors consider, having consulted
with SP Angel Corporate Finance LLP, the Company's Nominated
Adviser, that the terms of the Convertible Loan Note are fair and
reasonable insofar as the Company's shareholders are concerned.
Deal Update
The Company is pleased to report that it is in the process of
completing due diligence in respect of the proposed acquisition of
a private entity that owns copper exploration and development
assets. A Competent Person's Report has been completed on the
mining assets and legal and financial due diligence is well
advanced. The vendors have also agreed an exclusivity extension
until mid-September 2018.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
For further information please contact:
Draganfly Investments Luke Bryan Tel: +44 (0) 7786
Limited Dennis Edmonds 929 966
Tel: +44 (0) 7796
338 372
SP Angel Richard Morrison Tel: +44 (0) 20 3470
(Nominated Adviser Caroline Rowe 0470
and Joint Broker)
----------------- ---------------------
Cornhill Capital Nick Josh Tel: +44 (0) 20 3700
Limited (Joint Broker) 2500
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END
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July 25, 2018 04:19 ET (08:19 GMT)
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