News
2006-02-09 - Ekwienox To Make Further Investment in the 4Less Group
The 4Less Group Plc (the “Company” or “4Less”) announces that the Company is proposing to raise a minimum of £1.5 million, before expenses, and has entered into an investment agreement (the “Investment Agreement”) with Ekwienox FX Limited, a subsidiary of an existing shareholder, Ekwienox Limited (collectively “Ekwienox”).
As the first stage, the Company has today raised £450,000 by way of a convertible loan (“CL”) advanced by Ekwienox. The CL is convertible into new Ordinary Shares in the Company at 23p per share on the successful closing of the Placing. The CL will bear interest at 7% until conversion or repayment. Failing a successful closing of the Placing it will be convertible at Ekwienox’s option at any time up to 1 February 2007 or repayable on 30 days’ notice.
Full Announcement
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