I took it as they needed to use the loan for their share of funding However on news of funding this could multi agency so I wouldn’t wait too long to buy or top up because when that news lands I expect 100% rise pretty swiftly in otherwords careful you don’t miss the boat
Further details on the New Loan Facility The aggregate principal amount of the New Loan Facility is £1.5 million. There is no coupon attaching to the New Loan Facility and its term is 24 months after which any drawn amounts are repayable in cash in an amount of 105% of the principal amount plus a fee of 10% of the principal amount being repaid. A first tranche of £250,000 is payable by the provider upon signing, and any subsequent tranches drawn down by the Company will be of £250,000 and paid two to three weeks after the previous tranche, subject to mutual consent, with the provider's consent not to be unreasonably withheld. The New Loan Facility is convertible into new KEFI Ordinary Shares at the election of the provider. The conversion price is calculated at the lower of 90% of the lowest volume weighted average share price of a KEFI Ordinary Share as shown on the London Stock Exchange for the three trading days immediately preceding the notice of conversion from the provider, or 2p per KEFI Ordinary Share. The New Loan Facility can otherwise be redeemed at any time by the Company in cash in an amount of 105% of the principal amount plus a fee of 10% of the principal amount being repaid. In addition to the aforementioned arrangement fee of £37,500 in cash, the provider is being issued with warrants to subscribe for 13,000,000 new Ordinary Shares in the Company at an exercise price of 2.5p per share for a period of 3 years.