Supply@Me Capital PLC - fintech company - Enters subscription agreement with small company-focused alternative investment fund Negma Group Ltd for the issue of initial tranche of GBP5.6 million of convertible loan notes.
Subscription agreement also allows for a further nine tranches be the same par value at the option of the company. Principal amount of loan notes is GBP56 million.
Proceeds from the loan note issue will go towards completing the acquisition of TradeFlow Capital Management Pte Ltd, meet working capital requirements and support new strategic projects, including the start of a feasibility study with reference to a potential listing of Supply@Me's shares on Nasdaq.
"This new funding facility will support SYME's continued business development not only in terms of providing additional working capital but by helping to finance the company's first strategic acquisition. The investment by Negma will also help to open up new markets where we are looking at the possibility of a dual listing," said Chief Executive Officer Alessandro Zamboni.
Current stock price: 0.35 pence, down 12%
Year-to-date change: down 36%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Supply@me Cap (SYME)