Syninex and 1p shares25 Mar 2019 09:32
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2. Syminex facility
On 10 August 2018, the Subsidiary, DevClever Limited, entered into a secured facility agreement with Syminex for a convertible loan facility of £210,000, included in Cash and cash equivalents. Included within Loans and borrowings is the principal amount due of £210,000, plus interest payable of £10,000.
Syminex has elected to convert the loan facility, plus interest of £10,000, to Ordinary shares on the date of the IPO.
For details of this material contract, please see Paragraph 14 Syminex Facility of Section 12 Material Contracts in Part VII Additional information of the prospectus.
An adjustment has been made to reflect the proceeds of a placing of 59,000,000 Ordinary Shares of the Company at an issue price of £0.01 per Ordinary Share, net of an adjustment to reflect the payment in cash of admission costs estimated at approximately £217,900.
On the date of the Placing, the £210,000 Syminex facility and £10,000 interest will be converted to 22,000,000 Ordinary Shares at an issue price of £0.01 per Ordinary Share.
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