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Funding Update

25 Jan 2017 12:44

RNS Number : 1055V
United Cacao Limited SEZC
25 January 2017
 

25th January 2017

United Cacao Limited SEZC

 

 

Funding Update

 

United Cacao Limited SEZC ("UCL") the AIM listed plantation company with operations in Peru, provides the following funding update.

The Exclusivity Agreement with a group of investors referred to in the Company's funding update of 6th January 2017 has been extended to 31st March 2017.

The Company has been working to address its financially constrained condition and can announce that it has issued 7% Convertible Bonds due June 2019 from its existing program in the placements with investors outlined below:

A placement of USD 1,863,334 nominal value bonds at 12.36 cents per bond and a placement of USD 1,584,444 nominal value bonds at 18.00 cents per bond. The net amount raised in these placements is USD 515,508.00. Both placements were made to a number of investors.

Tim O'Neill, a Director of UCL, has also purchased an aggregate of USD 222,222 nominal value bonds at 18.00 cents per bond. Total net proceeds from Mr O'Neill's purchases are USD 40,000. As this is a related party transaction, the disinterested Directors of the Company opined that it was fair on the basis that it was at the higher price paid by third party investors in the current funding round.

The proceeds from the current fundraising will be used to meet UCL's operational expenses, and the Company continues to explore additional fundraising sources as it seeks to address its financial situation.

The Company will provide further updates as appropriate

For more information please visit www.unitedcacao.com or contact:

 

United Cacao Limited SEZC

+1 345 815 2710

Constantine Gonticas

Beaufort Securities (Joint Broker)

+44 (0) 20 7382 8300

Jon Belliss / Elliot Hance

Kallpa Securities SAB (Joint Broker)

+51 1 630 7500

Ricardo Carrion

Tavistock (PR Adviser)

+44 (0) 20 7920 3150

Niall Walsh / Jos Simson

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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