Road Studio has concluded a term-sheet with a foreign fund investing globally in high-tech companies, the company said. Thus, the Warsaw company has a chance to attract a strategic investor and gain additional capital for development - PLN 10 million in bonds convertible to shares, added. "As part of the transaction in question, the investor, in exchange for the funds paid to the issuer in the total amount of up to PLN 10,000,000, divided into tranches each time released at the issuer's request, will take up coupon-free bonds convertible into shares, which will then entitle the investor to subscribe for shares at the issue price equal to 95% of the lowest daily rate calculated on the basis of the VWAP (volume-weighted average price) ratio from the last 15 trading days immediately preceding the day the Investor submits a declaration on converting bonds into shares, ”reads the release. As part of the transaction, the investor is to pay Road Studio a total of 38 tranches of PLN 250,000 each, with the exception of the first two installments of PLN 500,000 each. The payment of individual tranches will take place provided that the closing price of the company's shares is above 200% of the nominal value of the shares for at least 10 consecutive trading days preceding the submission of the application for the payment of the new tranche, indicated. In addition, together with the bonds convertible to shares, the investor will be offered subscription warrants within 5 years from the date of signing the investment agreement, which will be granted free of charge and which will entitle the investor to subscribe for shares in the number not exceeding 30% of the nominal value of the successfully issued tranche of bonds convertible to shares. stocks. Source
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