The total number of ordinary shares has risen to about 3.49 billion from around 3.43 billion and Addvalue’s enlarged issued and paid-up share capital is now over $122 million. Addvalue says the total proceeds from the warrant exercise ($377,000) will be used to meet the company’s working capital requirements in terms of payroll and general administrative expenses.
In a separate bourse filing made on the same day, Addvalue says its non-executive and non-independent director, Paul Clark Burke, exercised his right to convert 27.5 million CLNs and 27.5 million warrants into 55 million shares. Post conversion, Burke now holds over 192.7 million shares and his stake has risen to 5.522% from 3.946%.
Last week, Addvalue said in a Dec 22 bourse filing that it was issuing a total of 48.5 million new ordinary shares after converting 33.5 million CLNs and 15 million warrants. The CLNs and warrants were also converted at an exercise price of 1.3 cents and were listed on the mainboard on Dec 24.
Addvalue closed 1.37% lower at 7.2 cents on Dec 29. The company’s shares are up 554.55% year to date.
