Business
Convertible Loan Note Fundraise of £500,000
Convertible Loan Note Fundraise of £500,000.
About this update from Silver Bullet Data Services Group Plc
[{"type":"text","content":"\n\n1 June 2023\n \nSilver Bullet Data Services Group plc\n(\"Silverbullet\" or the \"Company\", or, together with its subsidiaries, the \"Group\")\nConvertible Loan Note Fundraise of £500,000\n \nSilverbullet (AIM: SBDS), a provider of digital transformation services and products, is pleased to announce that it has raised £500,000 via the issue of convertible loan notes (the \"Convertible Loan Notes\" or \"CLNs\").\n \nThe CLNs provide the Company with additional working capital to support the significant growth in sales of 4D and its services offering . Particularly in the current macro economic climate, a number of the Company's blue chip US and global clients often demand lengthy payment terms, however the Board believes that such blue chip clients demonstrate the quality of the Company's offering and present significant opportunity for organic revenue growth. The additional working capital provided by the CLNs will enable the company to continue its strong growth and path to profitability and cash flow positivity.\n \nThe Convertible Loan Notes have a term of three years and attract interest at a rate of 12% per annum, which is payable commencing on the date of issue either as to, at the Company's option:\n \n\n\n\n·\n\n\n8% per annum paid monthly plus 4% payable via the issue of additional Convertible Loan Notes as payment in kind; or\n\n\n\n\n·\n\n\n12% payable via the issue of additional Convertible Loan Notes as payment in kind.\n\n\n\n \nFurther information of the terms of the CLNs:\n \n\n\n\n·\n\n\nThe CLNs are unsecured and convertible into new ordinary shares of 1p in the Company (\"Ordinary Shares\") at the price of £0.50 per new Ordinary Share, a premium of approximately 10% to the closing bid price of the Company's Ordinary Shares on AIM on 30 May 2023 (the \"Conversion Price\");\n\n\n\n\n·\n\n\nThe CLNs are convertible, in part or in full, at the option of the noteholders from the date of issue until the final repayment date, being the third anniversary of the date of issue. In addition, the CLNs are convertible automatically on a change of control of the Company, subject to certain limitations;\n\n\n\n\n·\n\n\nIf not repaid, redeemed or converted by the third anniversary of issue, the CLNs are repayable in cash in full together with accrued interest on that date;\n...