30th Dec 2024 10:38
World Chess PLC - London-based chess promotor - Says subsidiary World Chess Events Ltd has entered into a EUR6 million loan facility agreement with an existing shareholder. The facility can be drawn down and repaid in tranches, with repayment including 4% interest per year and due by December 31, 2025. The initial tranche will be used to refinance an existing short term loan on improved terms, says the firm, with the remaining funds, if drawn down, to be utilised for additional working capital for an expanded marketing programme aimed at promoting chessarena.com.
"This facility represents an important step in our growth journey. Our main digital product, chessarena.com, the official gaming platform of FIDE, the World Chess Federation, is positioned to scale rapidly, and access to funding ensures we can capitalise on our momentum to establish chessarena.com as the leading global platform for chess players, clubs, and enthusiasts," says Chief Executive Officer Ilya Merenzon.
Current stock price: 3.61 pence, down 3.7% on Monday morning in London.
12-month change: down 40%
By Christopher Ward, Alliance News reporter
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