1st Apr 2014 12:54
LONDON (Alliance News) - CIC Capital Ltd Tuesday said director Stuart Bromley has agreed to provide it with a loan facility of up to GBP800,000, interest free and unsecured, providing it with additional working capital.
In a statement, the consulting and advisory firm said the facility is needed until it has a new nominated adviser.
The loan facility will provide CIC with additional working capital such as for professional fees likely to be incurred in respect of seeking to obtain stock market quotations for investee companies, CIC said.
Repayment will be made by converting the loan outstanding into new shares, which will be matched by warrants exercisable at 4 pence each before the end of 2015.
CIC shares are currently suspended from trading. CIC is currently seeking to appoint a new nominated adviser.
By Samuel Agini; [email protected]; @samuelagini
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