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
Key terms of the New Loan
Maturity: The New Loan matures on
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
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
Loan 2
· The Company repays the outstanding €750k principal on Loan 2 on even date herewith (initial maturity
· 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
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