(Alliance News) - 7digital Group PLC on Tuesday said it has entered into a 12-month loan of GBP500,000 with an undisclosed UK-based lender at an interest rate of 1.5% per month.
The money will be used for working capital purposes, the digital music solutions provider said.
"This debt facility will support the company's growth with non-dilutive funding as it continues to make rapid progress towards operational profitability by the end of the second quarter of 2020," said Chair Tamir Koch.
"7digital has signed multiple contracts in recent months and this facility provides additional financial flexibility to execute on our healthy pipeline of deals with companies and innovators seeking to capitalise on the growth in audio and music streaming," added Koch.
AIM-listed 7digital shares were trading 3.9% lower in London on Tuesday at 0.31 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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