LONDON (Alliance News) -Cyber-security software firm Defenx PLC on Tuesday said it has made its first draw down of EUR150,000 from its convertible loan facility from BV Tech SpA.
Shares in Defenx were down 16% at 9.00 pence on Tuesday.
The remaining EUR800,000 available under the loan is available to be drawn from mid-November. The loan is convertible, at BV Tech's discretion, into ordinary shares in Defenx at a price of 8p per share.
The loan has an interest rate of 6.0% per annum and will be used for general corporate purposes.
Should the convertible loan be drawn in full and BV Tech request the conversion into share, 10.6 million shares will be issued, equal to 27% of Defenx's entire issued share capital.