(Boursier.com) — Plant Advanced Technologies (PAT) is setting up an optional equity financing line with the company Iris.
Under the terms of the contract, Iris undertakes to finance PAT up to a maximum amount of 1 million euros for a period of 24 months by subscribing to Bonds Redeemable in Shares (ORA), to be issued in successive tranches of 30 kE, or 12 ORA.
Each request to draw a new tranche is at the exclusive initiative of the company, subject to the completion of the previous tranche.
It is specified that PAT may adjust the number of ORA subscribed upwards or downwards for a tranche within the limits of the minimum number of 6 ORA, i.e. 15 kE, and the maximum number of 24 ORA, i.e. 60 kE . The discount with Iris is limited to 5% compared to the weighted average share price over the last 5 days. The transaction does not carry any commissions or penalties.
Quoting…
Iris is not intended to keep the shares resulting from the repayment of the bonds. These will be sold on the market or in blocks.
The participation of a shareholder holding 1% before issue will be 0.84% in the event of total drawings, based on an assumed ORA redemption price of 4.77 euros as of February 12.
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