Focus Xplore plc has raised £75,000 through convertible loan notes to settle “certain historic creditors” and provide working capital.
DIRECTORS
Each ordinary share, issued on conversion to the holders of the loan notes, has one warrant attached for one new ordinary share.
Subscribers for the loan notes include Focus’ new incoming non-executive director Neil Slade and executive director David Russell.
Castle International Holdings Limited subscribed for £27,000; Woodland Capital Limited, £27,500; Yakoub Yakoubov, £10,000; and Beauty Science UK Ltd, which is wholly owned by Mr Slade, £10,000.
Mr Russell wholly owns Castle International and is beneficially interested in 487,500,000 ordinary shares representing 14.01% of Focus’ issued share capital.
The issue of the loan notes is conditional on Focus’ proposed board changes completing within the next 30 calendar days.
Focus is exploring for uranium, lithium and selected rare earth elements in Ontario, Canada.