Issue of Equity

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Armor Designs Inc., (AIM: ADID), the knowledge-based designer, developer and manufacturer of next generation composite protective products is pleased to announce that it has raised US$1,000,000, before expenses, through the subscription of 1,000,000 new common shares (the "Subscription") of US$0.001 each in the Company (the "Subscription Shares") at a price of US$1 per Subscription Share (the "Subscription Price").

Furthermore, the investor will have the option to purchase an equal number of shares at a share price of US$0.01 per share prior to 3 June 2019.

As a condition of the Subscription, the Company has agreed with the investor that in the event the Company issues any shares in the capital of the Company as part of a further fundraising at a price less than the Subscription Price (the "Lower Price") prior to 3 June 2019, in an institutional round of at least US$ 25,000,000, the investor will have the option to subscribe at par (being US$0.001 per share), for such number of additional shares as they would have received had the subscription price per share at Closing been at the Lower Price rather than the Subscription Price.

The use of proceeds of the Subscription is non-discretionary and restricted for short-term working capital needs, for sustaining current operations and overhead costs.

The Subscription Shares will be issued from treasury.

Following completion of the Subscription, the Company's enlarged issued share capital will comprise of 28,334,138 ordinary shares of US$0.01 each, with one voting right per share. There are no shares held in treasury. Therefore the total number of voting rights in the Company is 28,334,138.

This figure is the number that may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Rules and Transparency Rules.

 

For further information please contact:

Armor Designs, Inc.
David Oliveira
Tel: +1 520 329 7686
SP Angel Corporate Finance LLP
Stuart Gledhill
Tercel Moore
Tel: +4420 3463 2260

www.armordesigns.com

 

 

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