Business
Portfolio news – CamGraPhIC loan facility
Portfolio news – CamGraPhIC loan facility.
About this update from Frontier Ip Group Plc
[{"type":"text","content":"\n\nRNS\nAIM: FIPP\n24 July 2023\n \nFrontier IP Group Plc\n(\"Frontier IP\" or the \"Group\")\n \nPortfolio news - CamGraPhIC loan facility of up to £1.5 million\n \nFrontier IP, a specialist in commercialising intellectual property, announces that its portfolio company, CamGraPhIC Limited (\"CamGraphIC\" or the \"Company\") has put in place a new loan facility which will provide funding of up to £1.5 million (the \"Loan Notes\") to enable CamGraphIC to accelerate the development of its growth.\n \nA total of £1.043 million Loan Notes have been subscribed for under this the new loan note instrument. Frontier IP has subscribed for £1.0 million of Loan Notes pursuant to the loan facility comprising amounts that have been advanced by Frontier IP to CamGraphIC between 24 February 2023 and 21 July 2023.\n \nThe key terms of the Loan Notes are:\n \n- up to £1,500,000 fixed rate 8% unsecured loan notes can be issued in the Company;\n- the Loan Notes will bear interest at a rate of 8% per annum from the date of issue;\n- the Loan Notes are redeemable by the Company (so far as not converted) on the date which is 12 months after completion of a fundraising in which the Company raises new equity of £1 million or more;\n- the Loan Notes may be converted on a fundraising of any amount at the option of the noteholder and with the agreement of the Company; and\n- if the Loan Notes are converted, the Company will be required to issue each noteholder with warrants to subscribe for new shares in the Company equivalent to 20% of the Loan Notes at the price at which the loan notes converted.\n \nCamGraphIC is the Group's second graphene spin out from the University of Cambridge. The Company was formed to develop graphene-based photonics for high-speed data and telecommunications. Graphene photonics is seen by the Company's industrial partners as a key enabler for 5G technologies and has potential applications in a range of other sectors.\n \nSeparate to the loan facility detailed above, Frontier IP has also previously: (i) advanced amounts totalling £210,000 to CamGraphIC under previous loan agreements entered into in 2019 and 2020 to provide working capital fo...