Glass company Metro Performance Glass has reached a conditional agreement with Australian-based family office, Cowes Bay Group, for extended and revised funding facilities, a significant equity investment, and an updated plan for a capital raise.
The agreement with Cowes Bay includes a placement of 27.8 million new ordinary shares at 7 cents per share, raising approximately $1.9 million.
This will result in Cowes Bay holding a 13% shareholding in Metro.
Cowes Bay will also become the company's main lender and has committed to invest further capital in Metro's planned equity capital raise.
The agreement is subject to confirmatory due diligence and final documentation, which are expected to be completed in about four weeks.
Cowes Bay has agreed to take up its pro rata entitlement and subscribe for shortfall shares, as long as its shareholding does not exceed 19.9%.
See more
