Anglo African Agriculture (GB:EVST) has released an update.
Anglo African Agriculture has announced the issuance of £3.5 million in unsecured convertible loan notes (CLNs) to Surich Real Estate Opportunity Fund SPC, with an option to issue up to £50 million in total. The CLNs, part of a strategy to fund working capital and potential acquisitions in the beverage sector, have a three-year term and a 6% annual interest rate, and are convertible into ordinary shares at £0.04 each. This transaction is considered a related party transaction due to Mr. Ziwei Peng’s significant shareholding in the company.
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