Logic Instrument SA announced that it expects to receive 2 million in funding from Bracknor Capital LTD.
Logic Instrument SA (ENXTPA:ALLOG) announced a private placement of announced a private placement of 200 convertible bonds with OCABSA warrants at 10,000 per bond for gross proceeds of 2,000,000 on October 26, 2015. The bonds will be issued at par. The bonds will be issued at its par value, will not bear interest and will mature after 36 months from issuance. The securities will be issued in four tranches during next 36 months in the maximum amount of 500,000. The bonds are convertible into common shares of the company. Each warrant is exercisable into one share for a period of 36 months from issuance. The transaction will include participation from Bracknor Fund Ltd. The securities will be issued without preferential subscription rights.
On the same day, the company announced that it has received 500,000 in the first tranche.