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13 Jun 2016 07:10
Fitbug Holdings Plc / Epic: FITB.L / Index: AIM / Sector: Leisure
13 June 2015
FITBUG HOLDINGS PLC ('FITBUG' OR 'THE COMPANY')
FURTHER WORKING CAPITAL LOAN
Fitbug Holdings Plc, the AIM quoted provider of online personal health and wellbeing services, announces that it has agreed a further loan from NW1 Investments Limited ("NW1") for an amount of £121,000. The new loan is repayable by 31 July 2017, in line with the Group's other loans from NW1 and will accrue interest at a rate of 2.5% per annum above the base lending rate of the Bank of England from time to time payable quarterly in arrears.
This morning Fitbug also announced, with its results for the financial year ended 31 December 2015, that the Company is currently considering a potential equity fundraise and is in discussions with NW1 and Kifin Limited ("Kifin") about the current debt Fitbug has with these entities as the directors look to address the Company's level of indebtedness.
The Company intends to use the funds secured today to meet short term working capital requirements while discussions with NW1 and Kifin progress.
A further announcement on the outcome of the proposed equity fundraise and the discussions with NW1 and Kifin will be made in due course.
**ENDS**
For further information visit www.kiqplan.com or www.fitbugholdings.com contact:
Donald Stewart/ Anna Gudmundson
| Fitbug Holdings Plc | 020 7449 1000 |
Marc Milmo/ Catherine Leftley | Cantor Fitzgerald Europe, Nomad and Joint Broker
| 020 7894 7000 |
Claire Louise Noyce / William Lynne / Niall Pearson
| Hybridan LLP, Joint Broker | 0203 713 4581/4582/4583 |
Elisabeth Cowell / Charlotte Heap | St Brides Partners Ltd, Public Relations | 020 7236 1177 |
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