RE: $2.0 million due tomorrow11 Sep 2025 09:01
The board of directors of BURU has indicated that it expects to be able to make a payment totalling US$2,000,000 in the week commencing 8 September 2025 and transfer the remaining outstanding amount of US$2,198,000 to SYME on or before 31 October 2025.
Accordingly, the Company and BURU entered into a second amendment to the Amended On-Demand Facility on 29 August 2025 (the "Amendment") which amends the following key terms of the Amended On-Demand Facility:
1) The remaining total amount of US $4,198,000 will now be received by the Company in line with the following tranches:
· US$2,000,000 on or before 12 September 2025; and
· US$2,198,000 on or before 31 October 2025.
2) In order for the Company to be able to issue the new ordinary shares under the Amended On-Demand Facility, 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"). The Amendment has amended the date by which the Approvals must be obtained by the Company from 31 March 2026 to 30 June 2026. If the Approvals are not obtained by 30 June 2026, BURU can demand repayment in cash, and the Company is required to provide security over the intellectual property rights and receivables related to its Italian subsidiary entities in favour of BURU.