REG - Crossword Cybersec - Issue of Loan Notes

Crossword CybersecurityAnnouncement

16/10/2023 07:00

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RNS Number : 1299Q  Crossword Cybersecurity PLC  16 October 2023

Crossword Cybersecurity Plc

Issue of Loan Notes

16 October 2023 - 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, today announces that it has entered into entered into agreements for
five year, unsecured, convertible loans to the value of £230,000.

Following the issue of the £2,015,000 Convertible Loan Notes announced on 31
August 2023 and the £230,000 convertible loans, the Company has utilised
£2.245m of the £2.5m additional debt authorised at the general meeting of 27
July 2023 with no immediate plans to utilise the remaining £255,000
capacity.  The Company intends to use the £230k funding to provide
additional working capital as the Company seeks to achieve EBITDA and cash
breakeven in the second half of 2024.

The terms of the loan are as follows;

 Term               Five Years from the date of the loan agreement
 Interest rate      12 per cent., payable quarterly
 Early Repayment    At the company's sole discretion, subject to a minimum repayment amount of
                    £10,000
 Form of repayment  Either in cash or in Crossword ordinary shares of 0.5p each ("Ordinary
                    Shares"). The conversion price for Ordinary Shares will be 8.75p for each
                    Ordinary Share which equates to the middle market price per share of the
                    Ordinary Shares  (as derived from the daily official list of the London Stock
                    Exchange) on the last Business Day before the date of the Loan Agreements.
 Warrants           On repayment of the loans in cash, each lender will be issued warrants valid
                    for three months to subscribe for Ordinary Shares representing 10 per cent. of
                    the value of the Loan at the Conversion Price

 

Following the above issue of loan notes, the Company has convertible loan
notes of £4,120,000, with expiry dates from June 2025 to October 2028.

- Ends -

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 / Ciara Donnelly

 

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

Claire Louise Noyce

 

For media enquiries contact:

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, 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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