TOOP Toople Plc

By Kyle Morris

Toople PLC said Tuesday that it has received commitments for convertible loans of 300,000 pounds ($392,760) from private investors and existing shareholders to provide working capital and to allow it to explore mergers-and-acquisitions opportunities.

The U.K. telecom-services provider said the loans have an interest rate of 10% and will be due in January 2023. They can be converted by the lenders at any time at a rate of 125% of the loan amount converted, with a 10% discount of the average of the two lowest volume-weighted average prices of ordinary shares during the 20 business days prior to the date of the conversion notice, it said.

Lenders will also receive warrants equal to 100% of the number of shares issued at conversion exercisable at the conversion price anytime up to March 28, 2024, it said.

Write to Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

March 29, 2022 03:25 ET (07:25 GMT)

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