7th Jan 2020 13:20
(Alliance News) - Crossword Cybersecurity PLC on Tuesday said it has secured an additional loan of GBP125,000, taking the company's total loan amount to GBP1.4 million.
In December, Crossword said a special resolution to increase borrowing limits was passed unanimously by shareholders, resulting in the increase in the limits to the greater of GBP1.5 million and 20% of the adjusted capital and reserves.
The cyber security software provider said the approval of the resolution allowed it to finalise the GBP1.3 million loan agreement, which was announced back in November. The loan terms include interest at a fixed rate of 12% per annum, an equity element and a term of three years.
The new GBP125,000 million loan was secured on the same terms as the as the GBP1.3 million loan agreement, Crossword noted.
The proceeds of the loans will be used for near to mid-term working capital requirements, the company said, and to fund its growth plans, including continued sales of products and further product development.
Crossword shares were untraded in London on Tuesday afternoon, last closing at 460.00 pence each.
By Evelina Grecenko; [email protected]
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