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(Alliance News) - Insig AI PLC on Friday announced it secured a a new convertible loan facility agreement with David Kyte, a long-term shareholder in the company.
Kyte is providing a GBP500,000 million facility. The loan is unsecured and repayable on or before December 31.
Kyte can convert the loan into shares at the end of this year, or earlier if Insig AI were to conduct an equity placing of at least GBP2.0 million. The conversion price will be either 35.0 pence per share or the share price of the company at the date of conversion, whichever is higher.
Shares in Insig AI were untraded in London on Friday, last quoted at 34.00 pence.
An initial tranche of GBP200,000 has already been drawn down by Insig AI.
Also on Friday, a second tranche of GBP150,000 has been drawn down on the convertible loan facility provided by Chair Richard Bernstein. This means a total of GBP400,000 has now been drawn down under that facility agreement, which can provide GBP1.0 million in total.
By Heather Rydings; heatherrydings@alliancenews.com
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