13th May 2019 10:54
LONDON (Alliance News) - Clean technology investment firm Verditek PLC said Monday it has secured a USD600,00 short term loan from Non-Executive Director Gavin Mayhew.
Mayhew - a non-exec since early March - provided the loan for an initial three months with the option to extend to six months at the discretion of the firm. The loan comes with a 20% per year interest rate on the loan principal and is payable on maturity with interest compounded quarterly.
Verditek did not explain for what purpose the funds from the loan would be used.
In 2017, Verditek reported a GBP2.0 million pretax loss after generating no revenue during the year.
Shares in Verditek were 8.1% lower at 8.50 pence on Monday.
Related Shares:
VDTK.L