(Alliance News) - Investment company Gunsynd PLC on Monday said it has agreed to a new loan agreement with beverage company Human Brands International Inc.
The financing, worth GBP378,575, has an annual interest rate of 12% and repayment is due on January 20, 2021.
However, at any stage before the repayment date, Gunsynd reserves the right to convert any quantity of the loan into Human Brands shares.
The conversion price will be calculated by dividing GBP3.5 million, the valuation of Human Brands, by the number of shares the beverage firm has in issue.
A previous loan agreement between the two parties expired in December 2017, Gunsynd noted.
Gunsynd shares closed 4.2% higher at 0.012 pence each in London on Monday.
By Eric Cunha; ericcunha@alliancenews.com
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Gunsynd (GUN)