19 Jun Global Health announce a placement of convertible notes to raise up to $1,000,000
- Placement of Convertible Notes, raising up to $1,000,000 before costs;
- Funds raised to provide a buffer to available cash in the event the challenging business conditions impacting on hospital clients worsen;
- The Company’s directors have each subscribed for $50,000 (subject to shareholder approval).
Global Health Limited (GLH) are pleased to announce they are conducting a placement of Convertible Notes, raising up to $1,000,000 before costs. This strategic initiative is designed to bolster our financial stability, providing a buffer against the challenging business conditions impacting our hospital clients.
Key details of the Convertible Notes placement are as follows:
- Total Subscription Amount: $1,000,000
- Face Value: $1.00 per Note
- Total Convertible Notes to be Issued: 1,000,000
- Price of any Converted Ordinary Shares: The lower of:
(a) $0.15
(b) the price representing a 10% discount to the VWAP over the 10 Business Day period on which trades of Shares were recorded up to and including the Business Day immediately prior to:
a. in the event of Conversion under Condition 3.2, the Maturity Date; and
b. in the event of Conversion under Condition 3.3, the date of the Notice of Conversion; and
c. the issue price of Shares pursuant to any Capital Raise, provided that the Conversion Price is subject to a minimum floor price of $0.08 per Share.
- Interest rate: 12% p.a. payable quarterly in arrears
- Maturity Date: 36-months after subscription
The company directors have each committed to subscribing $50,000, pending shareholder approval. An Extraordinary General Meeting will be convened shortly to seek this approval and to discuss the future issuance of additional convertible notes.
GLH’s Managing Director, Mathew Cherian, said “We are delighted with the strong show of support from the sophisticated investors who have participated, and I thank my fellow directors for also subscribing $50,000 each, subject to shareholder approval.”
Mr. Cherian added “With a backdrop of economic headwinds and cost pressures being experienced by our health sector customers, raising capital positions Global Health to continue to serve and expand its market presence, as it moves into the next phase of its corporate strategy. The next phase is primarily facilitated by the Company’s comprehensive portfolio of healthcare applications.”
This ASX announcement has been authorised by the Board of Global Health Limited (ASX:GLH) and released by the Company Secretary.
For further information, please contact:
Global Health Limited (ASX:GLH)
Mathew Cherian
Managing Director
M: +61 409 099 788
E: Mathew.cherian@global-health.com
Or visit the ASX website here.