22nd Feb 2016 09:27
LONDON (Alliance News) - Branded product developer LiteBulb Group Ltd on Monday said it has received an extension on repayment for the first tranche of its convertible loan notes until March 23.
The first tranche of loan notes are worth GBP800,000 and were originally due for repayment on February 20.
LiteBulb said it is in active discussions to secure additional financing of around GBP2.0 million through an equity fundraising.
"While the board has made significant progress towards achieving this, it notes that the company's current cash position remains tight," it added.
Shares in LiteBulb were trading down 25% at 1.40 pence on Monday morning following the announcement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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