Business
£0.5 million Raise and Trading Update
£0.5 million Raise and Trading Update.
About this update from B90 Holdings Plc
[{"type":"text","content":"\n \n \n \n For release: 6 February 2023\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 a further £0.5 million and Provides Trading Update\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 a further £500,000 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 In addition, the Company has agreed to issue a further £112,500 Loan Notes to a key marketing partner in lieu of cash settlement due for services.\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. 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 Trading Update\n \n \n \n \n \n \n B90 is also pleased to provide the following update in relation to the year ended 31 December 2022. \n \n \n \n \n \n The business continued to perform in line with management expectations during the second half of FY2022. As a result, the Board expects that revenues for FY 2022 will be in marginally in excess of €2.1 million, in line with market expectations. The Company expects to report a reduced loss for FY2022 compared to FY 2021, with an increase in administrative expenses, principally due to investment in marketing and operations, which together with exceptional costs incurred in connection with the EGM requisition, is expected to result in an operating loss of approximately €3.0 million.\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 \"We enter 2023 in a much improved position.\n \n \n Our recent fundraisings have underlined investors' belief that we can exe...