Polemos amends proposed Oyster O&G investment

Writer, Stock Market Wire
Wednesday, June 21, 2017 - 07:43

Polemos said that, further to the announcement of 1 June, it has amended the terms of its investment into TSX-V listed Oyster Oil & Gas Ltd.

Whilst the amount investment remained materially as announced on 1 June, the investment was now being structured as a Convertible Loan Note on the following terms:

- Oyster has issued Polemos a convertible loan debentures for a principal amount of CAD867,500 (approximately £500,000) (the "Loan");

- The Loan will accrue interest at 10% per annum;

- The Loan is convertible at the lesser of CAD0.50 per Oyster common share (an "Oyster Share") or a 20% discount to the first offering price of Oyster's Shares on AIM, subject to compliance with the rules of the TSX-V;

- The Loan is repayable either one year from issue or five day's following the admission of Oyster's Shares to AIM; and

- 433,750 warrants, whereby each warrant entitles Polemos to subscribe for a new common share for a period of one year from issue at a price of CAD0.55 per Oyster Share.

Related content

Polemos to acquire Digitalbox Publishing, Mashed Production for £11.2m

Polemos said it had agreed to acquire both Digitalbox Publishing and Mashed Productions for up to £11.2m combined.

Digital media business Digitalbox would be acquired...

Fri, 08/02/2019 - 07:24

Digitalbox to list on AIM via reverse takeover of Polemos

Digital media business Digitalbox Publishing Holdings said it would seek a listing on AIM via a reverse takeover of Polemos.

Polemos would subsequently be renamed...

Mon, 21/01/2019 - 09:07

Polemos agrees to acquire digital media company Digitalbox Publishing

Cash shell Polemos said it had agreed a conditional heads of terms to acquire digital media business Digitalbox Publishing, subject to certain conditions and due...

Mon, 10/09/2018 - 09:07

Cash shell Polemos hunts for takeover suitors as losses narrow

Cash shell Polemos said its first-half losses narrowed to £177k, compared to a loss of £391k in the previous six months through June.

At June...

Wed, 04/07/2018 - 13:22

Biometrics group in surprise decision to float in UK


Shares in AIM-quoted cash shell Polemos (PLMO:AIM) have been suspended after it agreed a reverse takeover of US-based cyber security group SecurLinx. The...

Thu, 14/09/2017 - 01:00