FYI2 Dec 2019 17:50
Bridging Loan Facility and Issue of Warrants
The Company has agreed a short-term, five-month senior secured funding facility of £420,000 with 5 shareholders and the Company's COO, Thom Board and Chairman, Paolo Amoruso. The material terms of the facility comprise interest of 10% per annum accruing monthly and paid with principal at the end of the five month term, a fixed and floating charge over the Company's Zink and Austin assets, and the issue of 420 million five-year warrants priced at 0.1 pence per share ("Warrants"), which is a premium of 17.5% premium over the Company's closing mid-market share price on 21 October 2019. The Bridging Loan will be due for repayment on or before 21 March 2020 and will have a preferential right of repayment from any future financing secured by the Company.