REG - Cambridge Cognition - Secured £3 million Term Loan

Cambridge Cognition HoldingsAnnouncement

26/09/2023 07:00

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RNS Number : 5906N  Cambridge Cognition Holdings PLC  26 September 2023

26 September 2023

Cambridge Cognition Holdings Plc

 

("Cambridge Cognition", the "Group" or the "Company")

 

Secured £3 million Term Loan

 

Cambridge Cognition Holdings plc (AIM: COG), which develops and markets
digital solutions to assess brain health, is pleased to announce that the
Company has obtained a £3.0 million loan (the "Loan") from Claret European
Specialty Lending Company III, S.à r.l. ("Claret").  Claret specialises in
providing growth capital to innovative businesses.  The Loan proceeds will
provide the Group with additional working capital and enable investment in
product development and solution integration.

 

The Loan will be drawn down in full immediately, has a fixed interest rate of
11.5% per annum and a term of 36 months.  The Loan will be repayable, with
interest, in 30 monthly instalments following an initial six-month interest
only period.  The Loan is secured over assets of the Company.

 

The Company will issue Claret with warrants to subscribe for £540,000 of new
ordinary shares of 1 pence each in the capital of the Company ("Ordinary
Shares").  The exercise price of the warrants will be the lower of the volume
weighted average price of the Ordinary Shares in the 5 days preceding or post
execution of the Loan (the "VWAP").  The VWAP will be used to calculate the
number of warrants issued. A further announcement will be made when the
warrants are issued.

 

While the Loan is in place, Claret has the right of first refusal on future
debt fundings of the Company and has the right to participate in any future
equity financing up to an amount of £500,000 on the same terms as any other
participant.

 

Commenting, Matthew Stork, Chief Executive Officer of Cambridge Cognition,
said:

"We are pleased to have strengthened the balance sheet with the Loan which
will support us as we continue to execute our strategy to grow the Company."

 

Commenting, David Bateman, Managing Partner of Claret Capital Partners, said:

"We are excited to have started this relationship with the Cambridge Cognition
team and to be able to support them with this Loan and their plans for growth
and profitability.  We are looking forward to working with the Company."

 

The information contained within this announcement is deemed by the Company to
constitute inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018.  Upon the publication of this
announcement via the Regulatory Information Service, this inside information
is now considered to be in the public domain.

 

Enquiries

 

 Cambridge Cognition Holdings Plc                           Tel: 012 2381 0700 

 Matthew Stork, Chief Executive Officer                     press@camcog.com (mailto:press@camcog.com)  

 Stephen Symonds, Chief Financial Officer 

 Panmure Gordon (UK) Limited (NOMAD and Joint Broker)       Tel: 020 7886 2500 

 Freddy Crossley / Emma Earl / Mark Rodgers                 (Corporate Finance) 

 Rupert Dearden                                             (Corporate Broking) 

 Dowgate Capital Limited (Joint Broker)                     Tel: 020 3903 7715 

 David Poutney / James Serjeant                              

 IFC Advisory Ltd (Financial PR and IR)                     Tel: 020 3934 6630 

 Tim Metcalfe / Graham Herring / Zach Cohen                  cog@investor-focus.co.uk

 

About Cambridge Cognition

 

Cambridge Cognition is a technology company developing digital health products
to better understand, detect and treat conditions affecting brain health. The
Company's software products assess cognitive health in patients worldwide to
improve clinical trial outcomes, identify and stratify patients early and
improve global efficiency in pharmaceutical and healthcare industries.

For further information visit www.cambridgecognition.com
(http://www.cambridgecognition.com)

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