Catenae Innovation PLC Working Capital Facility (7445H)

TIDMCTEA

RNS Number : 7445H

Catenae Innovation PLC

26 March 2020

26 March 2020

Catenae Innovation PLC

("Catenae", or the "Company")

Working Capital Facility

Catenae Innovation PLC (AIM: CTEA), the AIM quoted provider of digital media and technology, is pleased to announce that it has entered into a loan facility agreement with B.T.I.C. Limited for an amount of GBP150,000 ("Loan Facility" or "Agreement"). The Loan Facility will be used for the general working capital purposes of the Company.

The Loan Facility is unsecured and accrues interest at the rate of 11 per cent per annum and may be drawn down in three tranches commencing before 31 March 2020. The Loan Facility is repayable by 25 March 2022. The Loan Facility may be converted into ordinary shares of the Company in the event of a reverse transaction at a price equivalent to the price the shares are re-admitted to trading.

The Loan Facility provides the Company with sufficient working capital until at least 30 June 2020.

B.T.I.C. Limited is a company controlled by Brian Thompson who has an interest over 31,129,781 shares in the Company, representing circa 29% of the Company's issued share capital. Under the AIM Rules Brian Thompson is a substantial shareholder and is therefore a related party.

The directors of the Company, who are all independent of the Agreement consider, having consulted with its nominated adviser, that the terms of the Agreement are fair and reasonable insofar as shareholders are concerned.

Guy Meyer, Interim Chief Executive Officer commented: "I am pleased to report that new funding has been secured to support the Company's working capital position in the short term.

We look forward to updating the market on future progress in due course."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Guy Meyer, Interim Chief Executive Officer of the Company.

For further information please contact:

 
 Catenae Innovation PLC                              [phone] 
 Guy Meyer, Interim Chief Executive Officer 
 
 Cairn Financial Advisers LLP (Nominated Adviser)    [phone] 
 Liam Murray 
  Jo Turner 
 
 Turner Pope Investments (TPI) Limited (Broker)      [phone] 
 Andrew Thacker 
  Zoe Alexander 
 
 Yellow Jersey PR (PR & IR)                          [phone] 
 Sarah Hollins 
  Annabel Atkins 
 

Forward-Looking Statements

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

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March 26, 2020 08:49 ET (12:49 GMT)