RE: A.G.M.6 Nov 2025 10:21
The only resolution they’ll be interested in (hence the need for the AGM) is so they can formally approve dilution.
The Company is pleased to confirm that this final amount of US$2,198,000 was received from BURU on 17 October 2025. As at the date of this announcement, the full amount of US$5,150,000 due under the Amended On-Demand Facility.
· The repayment of the New On-Demand Facility is, subject to the receipt of certain Approvals (as defined below), expected to be via on demand conversion(s) into ordinary shares of the Company at the request of BURU at a fixed conversion rate of £0.00003 per ordinary share to be issued.
· At the point of any conversion of the New On-Demand Facility, BURU, will receive warrants over the ordinary shares of the Company at a ratio of 1 warrant for every 2 ordinary shares issued to BURU as a result of each conversion.
· The warrants have an exercise price of £0.000039, however BURU can elect to exercise the warrants on a cashless basis.
· In order for the Company to be able to issue the new ordinary shares that will be required under the New On-Demand Facility, a number of approvals will be required from the shareholders of the Company, the Financial Conduct Authority (the "FCA") and The Panel on Takeovers and Mergers (together, the "Approvals").