Brief: 5Th Planet Games Stops Convertible Loan Agreement With Formue Nord

5Th Planet Games A/S

24/04/2020 10:46

April 24 (Reuters) - 5Th Planet Games A/S  FIVEPG.OL :
    * 18-2020 5TH PLANET GAMES STOPS CONVERTIBLE LOAN AGREEMENT
WITH
FORMUE NORD
    * BOARD IS EVALUATING VARIOUS ALTERNATE FUNDING SOLUTIONS TO
FINANCE CONTINUED OPERATIONS AND PLANNED GAME LAUNCHES OF
TINTIN, DOODLE JUMP AND VIKINGS
    * DECIDED TO PAUSE UNTIL FURTHER NOTICE CALL DOWN OF NEW
TRANCHES
IN FUNDING SOLUTION COMPANY ENTERED INTO WITH FORMUE NORD BACK
IN MAY 2019.
    * FORMUE NORD WILL NOT CONVERT OR SELL ANY MORE SHARES FOR
NOW BUT
ARE INSTEAD ENTERING INTO A LOCK-UP PERIOD WHERE THEY ARE
CLASSIFIED AS INSIDERS IN 5TH PLANET GAMES
    * TOTAL OUTSTANDING AMOUNT TO FORMUE NORD OF NOK 6,352,148
IS
CONSIDERED TO BE REPAID IN CASH BY SECURING A MORE STABLE AND
MORE ATTRACTIVE FINANCING STRUCTURE

Source text for Eikon:  ID:nObi32V4Za 
Further company coverage:  FIVEPG.OL 

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