CYBER1 secures debt funding of €3,612,500, restructuring previous loan arrangement
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Informationsteknik |
| Industri | Programvara |
Stockholm, Sweden – 6th February 2024 – Cyber Security 1 AB (publ) (the “Company”) (“CYBER1”) (Nasdaq First North: CYB1) announces that it today has secured additional funding and arranged for repayment and restructuring of previous loan arrangements.
New loan and restructuring of previous loan arrangements
The new loan, making available in total €3,612,500 to the Company no later than on 6th February, 2024 (“New Loan”) is arranged by Ivo van Laar Beheer B.V (not a shareholder in the Company). The purpose of the New Loan is to secure repayment of €2.5m under a previous loan arrangement with SVE Group BV disclosed on 10 June 2022 (“Loan 1”) (press release can be found here) and furthermore enables the Company to restructure interest obligations for Loan 1, as well as interest and repayment terms under an additional loan arrangement of €750k also with SVE Group BV, disclosed on 30 September 2022 (press release can be found here) (“Loan 2”) (jointly the “Loan Restructuring Arrangement”).
Key terms of the New Loan
Maturity: The New Loan matures on 15th August 2025.
Interest: ten (10) per cent per annum with capitalization of interest payable annually.
Interest payment: Interest shall, as decided by the lender, be paid on each interest capitalization date by (i) cash, (ii) interest equity payment by the Company issuing new shares to the lender at a share price amounting to 90% of the Company’s traded share price under a customary VWAP model for the last thirty (30) trading days preceding the interest capitalization date, or (iii) a combination of (i) and (ii).
Prepayment: the Company is entitled to repay, fully or partly, at any time, the New Loan, where interest shall accrue up until prepayment, without any added premium or penalty.
Fees: No arrangement fees or any other fixed fees of any kind applies to the New Loan.
Summary of Loan Restructuring Arrangement
Amending the Loan 1 and Loan 2 agreements respectively, the Company has reached the following arrangements with SVE Group BV:
Loan 1
· The Company repays the outstanding €2.5m principal on Loan 1 on even date herewith (initial maturity 15 June 2025).
· Accrued interest on Loan 1 has been capped at the 31st of December 2023, with €268,750 payable and whereafter all conditions related have been fully settled.
Loan 2
· The Company repays the outstanding €750k principal on Loan 2 on even date herewith (initial maturity 30 September 2024).
· Accrued interest on Loan 2 has been capped at the 31st of December, with €93,750 payable and whereafter all conditions have been fully settled related to SVE Group BV.