9th Sep 2014 10:26
LONDON (Alliance News) - Amphion Innovations PLC Tuesday said it has agreed terms for the drawdown of an additional four consecutive monthly tranches of USD250,000 each under its loan facility, with the money to be used for working capital for the company and its partners.
The first additional drawdown was made Friday last week.
"The additional draws are on substantially the same terms as the facility subject to the lender receiving, on each additional draw, 78,035 simulated warrants in Kromek Group PLC with an exercise price of 61.25 pence per share and [1.3 million] warrants in Amphion with an exercise price of 3.750 pence per share on the terms previously announced. The lender has agreed to a reduced implementation fee on each additional draw of 6%," Amphion said in a statement.
On June 5, Amphion said it had been granted a loan facility by an institutional lender. At that point it had drawn down an initial sum of USD2.0 million with a further draw down facility of up to USD10 million, subject to the consent of each party. The facility is secured by part of Amphion's holding in Kromek Group.
Amphion shares were Tuesday untraded at 2.25 pence per share.
By Samuel Agini; [email protected]; @samuelagini
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