Business
$10m funding facility - initial draw of $2.5m
$10m funding facility - initial draw of $2.5m.
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 14 December 2022\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 USD $10m funding facility in place with initial draw down of $2.5m\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 agreed terms on a convertible loan facility for up to USD $10m (the \"Facility\") with Riverfort Global Opportunities and YA II PN Ltd. (together the \"Noteholders\"), with an initial drawn amount of USD $2.5m, expected to be received by the Company on 14 December 2022, net of associated costs.\n \n \n \n \n \n Invinity has recently closed several high-profile commercial contracts, equivalent to over 30 MWh of battery orders received so far in Q4 2022 alone. The Facility will provide additional support for Invinity's short-term working capital requirements as the Company looks to deliver on these and other contracts, whilst continuing to close further deals and develop the pipeline of contracts expected to be signed in 2023 and beyond. In addition to putting this Facility in place, Invinity also continues to actively manage its cost base as the Company progresses towards becoming operationally profitable.\n \n \n \n \n \n \n The Key terms of the Facility:\n \n \n \n \n \n \n \n \n ·\n Initial drawn amount of USD $2.5m (the \"Initial Advance\").\n \n \n \n \n \n ·\n As part of the Facility, 2,700,038 ordinary shares in Invinity (\"Ordinary Shares\") are being issued to the Noteholders (the \"Initial Shares\"), which is to effect initial conversions relating to the Initial Advance. Further details are set out below.\n \n \n \n \n \n ·\n Any amount drawn down under the Facility is convertible into Ordinary Shares at a price equal to\n the lower of (a) 130% of the five day VWAP immediately prior to that drawdown (the \"Reference Price\") (130% of the Reference Price being the \"Fixed P...