LONDON (Alliance News) - Fitbug Holdings PLC Tuesday said it has secured a GBP1.75 million loan from NW1 Investments Ltd and Kifin Ltd, sending shares in the group higher in early trading.
Shares in Fitbug, an online and personal health and well-being services provider, were up 6.2% to 0.4515 pence in early trade, putting the company among the top five risers on AIM.
The loan will be repayable by July 31, 2015 and will accrue interest at 5% per year, payable quarterly.
In addition, the company said the US District Court of Northern California had set a trial date of February 9, 2015 to hear the company's legal actions against Fitbit, the US wearable data devices manufacturer.
"The support of NW1 Investments Limited and the Kirsh Group leaves the business well placed to continue developing both its products and trading relationships and also to pursue the legal action against Fitbit to fruition," said Fitbug Chief Executive Malcolm Fried.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
