Business
Conditional Agreement to Repay Loan Facility
Conditional Agreement to Repay Loan Facility.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n \n \n \n The information contained within this Announcement is deemed by Invinity Energy Systems plc to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\").\n \n \n \n \n \n \n 3 March 2023\n \n \n \n Invinity Energy Systems plc\n \n \n \n \n \n \n \n \n (\"Invinity\" or the \"Company\")\n \n \n \n \n \n \n Conditional Agreement to Repay Convertible Loan Facility\n \n \n \n \n \n \n Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a\n leading global manufacturer of utility-grade energy storage\n , is pleased to announce that it has entered into a prepayment agreement (\"Repayment Agreement\") to repay the outstanding drawn amount of the convertible loan facility (the \"Facility\") with RiverFort Global Opportunities PCC Ltd and YA II PN Ltd. (together the \"Noteholders\") which was announced on 14 December 2022.\n \n \n \n \n \n Under the terms of the Facility, an initial amount of US$2,500,000 (\"Initial Advance\") was drawn of which US$2,081,075.32 remains outstanding (\"Outstanding Drawn Amount\"). Under the Repayment Agreement, the Noteholders have agreed that the restrictions for prepaying the Initial Advance (as set out in the announcement of the Facility on 14 December 2022) will not apply and in accordance with the Facility the Company has agreed to settle the Outstanding Drawn Amount together with the redemption premium of 10% (US$208,107.53) (the \"Redemption Premium\"). The repayment of the Outstanding Drawn Amount and the Redemption Premium is conditional on the completion of the Placing and Open Offer. In the meantime the Noteholders have agreed that they will not issue any further conversion notices.\n \n \n \n \n \n Pursuant to the Facility, on 14 December 2022 the Noteholders were granted warrants exercisable at 67.35p to subscribe for 1,350,020 ordinary shares for a period of up to four years (the \"Existing Warrants\"). In accordance with the terms of the warrant instrument, the Company is required to amend the exercise price of these warrants to 32p, being the issue price of the recently announced Placing and Open Offer. In consideration of the Noteholders undertakings pursuant to the Repayment Agreement, the Company has,...