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PV Nano Cell Entered into a $1 Million Convertible Loan Agreement
PV Nano Cell Entered into a $1 Million Convertible Loan Agreement.
About this update from Pv Nano Cell Ltd.
[{"type":"text","content":"Provides Capital to Deliver Upon Growth OpportunitiesMIGDAL HA'EMEK, ISRAEL / ACCESSWIRE / November 1, 2018 / PV Nano Cell, Ltd. (OTCQB: PVNNF) ("PV Nano Cell" or the "Company"), an innovative producer of conductive Sicrys digital inks and dispersions, for printed electronics and 3D inkjet printing, today announced that it entered into a $1 million convertible loan agreement ("CLA") with GTRIMG Investments Ltd ("GTRIMG").Israeli-based GTRIMG invested in PV Nano Cell after having completed several months of due diligence. The initial investment of $1 million is structured as a 2-year convertible loan and bears interest at Israeli prime plus 4% per annum. GTRIMG has an option to lend the Company an additional amount of up to $2,000,000. The conversion price initial ratio is $0.27 per share and may varies based on the mechanism described in the CLA but shall not be lower than $0.17 per share. GTRIMG has the right to appoint an observer to the Board of Directors ("Board"), and shall have the right to appoint a Director to the Board, who shall also serve as the Chairman of the Board, once it invests $2,000,000 in the Company, subject to the approval of the shareholders of the Company of the proposed amendment to the Company's articles of association.PV Nano Cell's Chief Executive Officer, Dr Fernando de la Vega, commented, "We are very pleased with GTRIMG's additional investment. Their team has spent significant time in understanding our technology and business strategy. This capital infusion should enable us to deliver upon such growth opportunities and drive revenue generation. Recently announced sales distribution partners are now in place and already taking our proprietary Sicrys™ to the market of printed electronics and 3D printing."For additional information on the financing (including the warrants granted in connection with such CLA and others), please review the Form 6-K filed with the U.S. Securities and Exchange Commission on October 23, 2018.PV Nano Cell, Ltd.PV Nano Cell has developed innovative conductive inks for use in printed electronics (PE) and solar photovoltaics (PV) applications. PV Nano Cell's Sicrys™ ink family is a single-crystal, nanometric silver conductive ink delivering enhanced performance. Sicrys™ is also available in copper-ba...