REG - Crossword Cybersec - Issue of Additional Convertible Loan Notes

Crossword CybersecurityAnnouncement

15/07/2022 07:00

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RNS Number : 5699S  Crossword Cybersecurity PLC  15 July 2022

Crossword Cybersecurity Plc

Issue of Additional Convertible Loan Notes

15 July 2022 - London, UK - Crossword Cybersecurity Plc
(http://www.crosswordcybersecurity.com/) (AIM:CCS, "Crossword", the "Company"
or the "Group"), the cybersecurity solutions company focused on cyber strategy
and risk, is pleased to confirm the completion of additional convertible loan
notes on the same terms as the extension of the convertible loan notes already
in issue as referred to in the Trading Update of 13 July 2022.

£550,000 of additional loan notes, with an expiry date of 14 July 2025, have
been issued to strengthen the working capital requirements of the Company.
Other than the conversion price, the additional loan notes have the same terms
as the original loan notes.  The conversion price of the additional loan
notes is 26.1p, being the closing price on 14 July 2022 of 29p less 10 per
cent.

In order to ensure the aggregate principal amount borrowed by the Group
remains within the prescribed borrowing limit, £225,000 of current loan notes
have been prepaid.  Accordingly, the value of convertible loan notes is now
£1,875,000, with £225,000 of that expected to be repaid in December 2022 and
January 2023.

Tom Ilube, CEO of Crossword Cybersecurity Plc, commented: "On the back of a
positive H1 2022 trading update earlier this week, it is pleasing that
Crossword is being supported in strengthening its working capital with the
extension of current convertible loan notes and issue of additional
convertible loan notes with new investors in Crossword."

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

Contacts

 

Crossword Cybersecurity plc - Tel: +44 (0) 333 090 2587

Email: info@crosswordcybersecurity.com

Tom Ilube, Chief Executive Officer

Mary Dowd, Chief Financial Officer

 

Grant Thornton (Nominated Adviser) - Tel: +44 (0) 20 7383 5100

Colin Aaronson / Jamie Barklem / Daphne Zhang / Ciara Donnelly

 

Hybridan LLP (Broker) - Tel: +44 (0)203 764 2341

Claire Louise Noyce

 

For media enquiries contact:

Financial PR:

David Hothersall, Kinlan Communications

davidh@kinlan.net - Tel: +44 (0) 207 638 3435

General:

Duncan Gurney, GingerPR

duncan@gingerpr.co.uk - Tel: +44 (0)1932 485 300

 

About Crossword Cybersecurity plc

Crossword offers a range of cyber security solutions to help companies
understand and reduce cyber security risk. We do this through a combination of
people and technology, in the form of SaaS and software products, consulting,
and managed services. Crossword's areas of emphasis are cyber security
strategy and risk, supply chain cyber, threat detection and response, and
digital identity and the aim is to build up a portfolio of cyber security
products and services with recurring revenue models in these four areas. We
work closely with UK universities and our products and services are often
powered by academic research-driven insights. In the area of cybersecurity
strategy and risk our consulting services include cyber maturity assessments,
industry certifications, and virtual chief information security officer
(vCISO) managed services.

 

Crossword's end-to-end supply chain cyber standard operating model (SCC SOM)
is supported by our best-selling SaaS platform, Rizikon Assurance, along with
cost-effective cyber audits, security testing services and complete managed
services for supply chain cyber risk management. Threat detection and response
services include our Nightingale AI-based network monitoring, Nixer to protect
against application layer DDoS attacks, our Trillion and Arc breached
credentials tracking platforms, and incident response. Crossword's work in
digital identity is based on the World Wide Web Consortium W3C verifiable
credentials standard and our current solution, Identiproof, enables secure
digital verification of individuals to prevent fraud.

 

Crossword serves medium and large clients including FTSE 100, FTSE 250 and
S&P listed companies in various sectors, such as defence, insurance,
investment and retail banks, private equity, education, technology and
manufacturing and has offices in the UK, Poland and Oman. Crossword is traded
on the AIM market of the London Stock Exchange.

 

Visit Crossword at https://www.crosswordcybersecurity.com/
(https://www.crosswordcybersecurity.com/)

 

 

 

 

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