Business
B90 raises £0.5 million via Convertible Loan Notes
B90 raises £0.5 million via Convertible Loan Notes.
About this update from B90 Holdings Plc
[{"type":"text","content":"\n \n \n \n For release: 23 December 2022\n \n \n \n \n \n \n B90 Holdings plc\n \n \n (\"B90\" or the \"Company\")\n \n \n \n \n \n \n B90 raises £0.5 million via Convertible Loan Notes\n \n \n \n \n \n \n \n \n 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.\n \n \n \n \n \n The net proceeds raised will be used to develop the growth initiatives of the Company and for general working capital purposes. \n \n \n \n \n \n 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\n volume weighted average price for the five trading days prior to the conversion notice. The Loan Notes are convertible,\n at the discretion of the Company, at any time and on the same terms.\n \n \n \n \n \n The Loan Notes carry a coupon of 10% per annum, which shall accrue and be paid upon redemption or conversion.\n \n \n \n \n \n \n Ronny Breivik, Interim Executive Chairman of B90 commented:\n \n \n \n \n \n \n \n \n \n \"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,\n \n \n without the need to access equity markets at current low levels.\n \n \n \n \n \n \n \n \n \n \"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.\"\n \n \n \n \n \n \n \n \n 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\n as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended. \n \n \n \n \n \n \n \n \n For further information please contact:\n \n \n \n \n \n B90 Holdings plc\n +44 (0)1624 605 764\n \n \n \n \n \n Ronny Breivik, Inter...