The convertible loans will have a mandatory conversion 12 months from issuance, at the latest. The conversion rate will be 90% of the lowest closing volume weighted average price (VWAP) during a 15 trading day period.
The convertible loans will be issued together with a subscription warrant package which entitles the lender to buy additional shares corresponding to 50% of the nominal value of the convertible loan with which they are issued. The subscription price is set to 120% of the lowest closing volume weighted average price (VWAP) during a 15 day trading period.
Bracknor is a specialized investment fund based in Dubai (UAE) that invests globally in SMEs that bears unique competitive advantages and true potential, providing them with paramount working capital or growth capital needed to foster and ignite their growth. www.bracknor.com