18 March 2015 – issue of loan notes
Following the issue of loan notes to help fund the acquisition of TYKMA Inc last month, the group has issued additional loan notes to raise an additional £955,000. These also have warrants attached to buy shares in the company at 20p and taken with the original issue of warrants there are now 42.32m warrants in issue, most of which run until 2020. If these are all exercised then the new shares would account for over 30% of the enlarged equity. The proceeds of the loan notes will initially be used for working capital purposes. The shares remain a BUY.