Arria completes another round of fundraising

Arria NLG completed a fresh round of fundraising through the issue of notes on Friday, as it continued to explore options to generate longer term capital.

The AIM-traded natural language generation firm said that, subject to completion of the relevant documentation, investors subscribed to £1.379m of unsecured loan notes convertible to ordinary shares at 40p each.

Arria's board said £420,000 related to funds outstanding with MSL Capital Markets in an earlier issue of convertible loan notes. It remained in discussions with potential investors to raise further funds through more issues.

The terms of the notes set interest at the Bank of England base rate plus 5%, with maturity on 31 October 2019, though the company retained a right of payment before maturity.

Subscribers for the new notes would receive unlisted warrants to subscribe for new ordinary shares, exercisable for a period up to 11 June 2019 at 12p per share.

Arria also reiterated it was exploring a possible listing on the New Zealand Stock Exchange together with an equity fundraising, as part of its capital raising plan.