Last checked at 23 Dec 2022 07:00
For release: 23 December 2022
B90 Holdings plc
("B90" or the "Company")
B90 raises £0.5 million via Convertible Loan Notes
B90 Holdings (AIM: B90), the online marketing and operating company for the gaming industry, today announces that it has raised £540,000 through subscriptions for convertible loan notes ("Loan Notes") by existing investors in the Company.
The net proceeds raised will be used to develop the growth initiatives of the Company and for general working capital purposes.
The Loan Notes have a term of three years from issue and are convertible no earlier than 1 January 2024, at the request of the Loan Note holder, at a 10% discount to the volume weighted average price for the five trading days prior to the conversion notice. The Loan Notes are convertible, at the discretion of the Company, at any time and on the same terms.
The Loan Notes carry a coupon of 10% per annum, which shall accrue and be paid upon redemption or conversion.
Ronny Breivik, Interim Executive Chairman of B90 commented:
"Since my appointment, we have made operational changes and implemented restructuring initiatives which will significantly reduce overhead costs into 2023. These funds raised through the Loan Notes will allow us to continue investing in our growth plans, without the need to access equity markets at current low levels.
"We are pleased by the level of participation in this raising, which supports our continued confidence in the Company. We remain on track to meet market revenue expectation for the 2022 full year."
The information communicated in this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.
For further information please contact:
B90 Holdings plc +44 (0)1624 605 764
Ronny Breivik, Interim Executive Chairman
Marcel Noordeloos, Chief Financial Officer
Strand Hanson Limited (Nominated Adviser) +44 (0)20 7409 3494
James Harris / Richard Johnson / Rob Patrick
Arden (Broker) +44 (0)20 7614 5900
Ruari McGirr
Belvedere (Financial PR & IR) +44 (0)20 3008 6864
John West / Llewellyn Angus
About B90 Holdings plc
B90 Holdings plc is a group of companies focused on the operation of its own online Sportsbook and Casino product as well as marketing activities for other online gaming companies.
Website: www.b90holdings.com