Shares were early Friday quoted down 12% at
In a statement, the AIM-listed exploration company focused on sub-Saharan potash assets said the investment will provide capital and support its future exploration programmes.
The convertible securities will be issued in four tranches to
Each of the three subsequent tranches will be issued 90 days after the date of issuance of the previous convertible security and have the nominal value of between
The securities can be converted into shares at a price determined by the lower of either 91% of the average of five daily volume-weighted average prices of the shares on AIM during a specified period, or 140% of the average of the daily volume-weighted average prices of the shares for the 20 consecutive trading days preceding the date of execution of the convertible securities issuance deed agreed with Bergen.
The alternative asset manager has agreed to certain limitations on its ability to dispose of the shares following a conversion, as well as on its ability to make the conversion in the first place. This includes a limit on the proportion of convertible securities can be converted in a specific time period.
In connection with the convertible securities issuance deal,
It said that Bergen may be required to make a further payment to
In addition, the
"With an investment of up to
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