29th Mar 2023 11:01
(Alliance News) - GSTechnologies Ltd on Wednesday said it cancelled its USD1.6 million loan facility, announced in late December, after one drawdown of USD800,000, meaning a second drawdown of the same amount is no longer available.
The Milton Keynes, England-based information technology solutions company said its directors reviewed the capital requirements of the company and decided against further utilising the facility in the year.
As a result, it decided to cancel the facility, with a total principal amount of USD285,000 remaining outstanding under the facility from the first instalment.
The remainder has already been converted into company equity, as previous announced.
Before cancellation, the second instalment of USD800,000 was available for drawing down from June 26.
Shares in GSTechnologies were up 18% to 0.42 pence each in London on Wednesday morning.
By Greg Rosenvinge, Alliance News reporter
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