LONDON (Alliance News) - Defenx PLC on Friday said it has received EUR500,000 following a further draw down of the unsecured loan provided by its majority shareholder BV Tech SpA.
The loan is convertible, at the sole discretion of BV Tech, into new ordinary shares at a price of 8 pence per share, and Defenx has now issued 5.6 million shares to BV Tech after a conversion notice.
Defenx shares were trading 2.3% lower on Friday at 7.58p each.
BV Tech will have 22.7 million Defenx shares, representing 64% of the company. Cyber-security software firm Defenx intends to use the proceeds for general working capital.
Looking ahead, Defenx said EUR300,000 remains available to be drawn under the loan.