Iofina plc (AIM:IOF) announced a private placement with Panacea Limited, of unsecured convertible bond for gross proceeds of $5 million on April 29, 2014. The bond will be issued at par and will have an annual coupon of 6% payable quarterly in arrears. The bond is convertible into fully paid ordinary shares at a conversion price equivalent to $0.40 per share. The company has the right to elect conversion of the bond if the share price trades at $0.80 per share for five consecutive trading days. The shares to be issued upon conversion of the bond would represent 7,434,944 shares or 5.84% of the current total number of issued and outstanding shares. The company has the right to redeem the bond without penalty at any time at which point the holders may elect to convert or receive repayment. If not converted or previously redeemed, the bond will be redeemed at par at maturity, being May 15, 2017. The bond also includes early redemption and /or exercise in the event that the company is taken over by a third party. No origination fees or placing fees were paid on this transaction. John Prior, Rupert Krefting, and Huw Jeremy of Numis Securities and Rob Collins, Emily Morris, and Liz Williamson of GMP Securities acted as agents to the company.

On April 29, 2014, Iofina plc closed the transaction.