CN. Canisp

 

TIDMCN. 
 
RNS Number : 0180B 
Canisp PLC 
19 October 2009 
 
Canisp plc 
 ("Canisp" or "the Company") 
Placing of 30,000,000 new ordinary shares of 0.1p each in the Company at 0.4p 
per share and the sale of 500,000,000 ordinary shares of 0.1p each arising on 
the conversion of GBP500,000 of debt at par 
Placing and sale 
Canisp (AIM CN.) is pleased to announce that it has placed 30,000,000 new 
ordinary shares of 0.1p each ("Placing Shares") with a number of institutions 
and professional investors ("Placees") at 0.4p per share raising gross proceeds 
of GBP120,000 (the "Placing").As a condition to the Placing, the Placees have 
agreed to acquire 500,000,000 ordinary shares of 0.1p each ("Conversion Shares") 
which arise from the conversion of GBP500,000 of debt at par ("Conversion") at 
0.09p per share ("Sale Price"), at a ratio of 50 Conversion Shares for each 3 
Placing Shares taken, raising GBP450,000 gross. 
 
 
Background to the Convertible Debt 
As announced on 21 April 2008, the Company and Corvus Capital Inc ("Corvus") 
entered into an agreement which recorded the terms under which Corvus had, 
through various previous loan agreements, lent the Company GBP1,600,000 (the 
"Loan Agreement"). The Loan Agreement provided for the outstanding GBP1,600,000 
of debts to be consolidated into a single convertible loan (the "Debt") to be 
convertible into ordinary shares in the capital of the Company at any time at 
par value. If Corvus did not agree to convert the Debt before 31 December 2009, 
the outstanding balance of the Debt would become repayable on demand together 
with interest. 
The benefit of GBP500,000 of the Loan Agreement has been assigned to Canisp 
Resources Limited ("CRL"), a newly formed and wholly owned subsidiary of the 
Company conditional only upon the Company receiving commitments from Placees to 
purchase the Placing Shares and Conversion Shares.  CRL has entered into an 
agreement pursuant to which it will convert GBP500,000 of the Debt at par on or 
before 16 November 2009 and then direct the Company to issue and allot the 
Conversion Shares to those persons subscribing for the Placing Shares in the 
proportions set out above. 
Following the Placing and the Conversion, the Company will receive net proceeds 
of approximately GBP235,000 which will be utilised for general working capital 
purposes.  Following the Placing and the Conversion, the amount outstanding on 
the Debt will be GBP423,500. 
Voting rights 
Application will be made for both the Placing Shares and Conversion Shares to be 
admitted to trading on the AIM market of the London Stock Exchange ("AIM"). It 
is expected that permission for trading will be granted and dealings in the 
Placing Shares are expected to commence on AIM market of the LSE at 8.00 a.m. on 
23 October 2009 and that permission for trading will be granted and dealings in 
the Conversion Shares are expected to commence at 8.00am on AIM at 8.00 a.m. on 
16 November 2009. 
Accordingly, the number of Ordinary shares in issue and total voting rights will 
be as follows: 
 
     Number of Ordinary shares 
      in issue and total voting rights 
Existing situation until 23 October 2009     286,547,275 
From 23 October 2009 to 15 November 2009               316,547,275 
From 16 November 2009                                      816,547,275 
 
 
The number of Deferred Shares of 0.1p each in issue will remain unchanged at 
1,363,925,475. Deferred shares have no voting rights. 
[Contact details] 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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