30 June 2022
Quetzal Capital Plc
(“Quetzal” or the "Company")
Extension to Exercise Date of £500,000 Optional CLNs
Quetzal Capital Plc (AQSE: QTZ) is pleased to announce that it has agreed to extend the deadline to subscribe for a further £500,000 of Convertible Loan Notes (“CLNs”) of £1 each in TAP Global Limited (“TAP Global”) to 31 October 2022.
Quetzal announced on 3 December 2021 that it had agreed to subscribe for CLNs of £1 each in TAP Global, for an aggregate amount of £1,500,000. Under the terms of the instrument constituting the CLNs, Quetzal had the right to subscribe for a further £500,000 CLNs of £1 on or before 31 May 2022. The Company further announced an extension to 30 June 2022 on 31 May 2022.
Should the CLNs convert they will do so at a 50% discount to the valuation of TAP Global calculated on a conversion event which would involve the acquisition of the entire issued share capital of TAP Global by Quetzal.
The call option, also announced on 3 December 2021, remains in place. The Call Option gives Quetzal the right to acquire 100% of the issued share capital of TAP Global, subject to certain terms being agreed on a Sale and Purchase Agreement (“SPA”). Should the Call Option be exercised by Quetzal and the SPA is agreed, such a transaction would constitute a Reverse Takeover under the AQSE Access Growth Market Rules. There is no guarantee that the Call Option will be exercised, nor that terms of a related SPA will be agreed.
John Taylor, Chairman of Quetzal Capital Plc said:
‘TAP Global continues to make excellent progress in its development despite the significant headwinds in the wider crypto market environment. Registered user numbers are approaching 90,000 as the platform sees what it believes to be a flight to its fully regulated operating platform and more risk averse attitude to yield products. The Board of Quetzal believes that TAP Global is ideally positioned to take advantage of the current situation that sees many other platforms on the brink of insolvency and is primed to scale rapidly from increasing user numbers. We look forward to providing the market with more news on developments between TAP Global and Quetzal in the near future.’
The Directors of the Company accept responsibility for the contents of this announcement.
Quetzal Capital Plc
Fungai Ndoro: +44 (0) 203 813 0175
AQSE Growth Market Corporate Adviser
Peterhouse Capital Limited
Guy Miller / Mark Anwyl
Tel: +44 (0) 207 469 0930
TAP Global is a leading regulated fully integrated Crypto-Fiat exchange service provider with and associated neo banking platform. TAP Global’s mission is to create a seamless and fully regulated bridge that links fiat banking, traditional assets and crypto markets (including mainstream crypto currencies such as Bitcoin, ETH, NFTs and other upcoming Defi protocols). Built on its exchange foundation, TAP Global also offers consumer and corporate crypto-fiat banking services and Defi Yield products. Tap Global is one of only a handful of operators which are fully regulated.
TAP Global is licensed and regulated by the Gibraltar Financial Services Commission under its Distributed Ledger Technology Regulatory Framework (DLT) with license No. 25532. It is an innovative and fully integrated provider of fiat banking and crypto settlement.
TAP Global was founded by Arsen Torosian, a serial fintech entrepreneur and David Carr who has launched numerous fintech products over the last 17 years.
TAP’s Website can be accessed at the following link: