The total number of ordinary shares has risen to about 3.49 billion from around 3.43 billion and Addvalue’s enlarged issued and paid-up share capital is now over $122 million. Addvalue says the total proceeds from the warrant exercise ($377,000) will be used to meet the company’s working capital requirements in terms of payroll and general administrative expenses.
Satellite telecommunications company Addvalue Technologies says it is issuing 58 million new ordinary shares following the conversion of 29 million convertible loan notes (CLNs) and 29 million warrants. Both the CLNs and warrants are being converted at an exercise price of 1.3 cents, and the new shares will be listed on the mainboard on Dec 31.
According to a bourse filing on Dec 29, Addvalue received notices from CLN and warrant holders to exercise their right to convert between Dec 22 and Dec 23. The new shares represent 1.69% of the total number of ordinary shares of Addvalue in issue before the exercise. Post conversion, the new shares will represent 1.66% of the enlarged total number of ordinary shares.
