REG - Insig AI Plc - Convertible loan agreement and drawdown

Insig AiAnnouncement

17/06/2022 10:45

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RNS Number : 2889P  Insig AI Plc  17 June 2022

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17 June 2022

 

Insig AI plc

("Insig AI" or the "Company")

Convertible Loan Facility Agreement and drawdown

Insig AI plc (AIM: INSG), the data science and machine learning group, is
pleased to announce that it has entered into a new convertible loan facility
agreement with David Kyte, a long-term shareholder in the Company (the
"Agreement"). The key terms are the same as those agreed with Richard
Bernstein, non-executive chairman of the Company, announced on 4 May 2022,
save that Mr Bernstein is providing a facility of £1 million and Mr Kyte a
facility of £0.5 million.

The loan is unsecured and repayable on or before 31 December 2022. Interest
will accrue from the date monies are drawn down under the facility at a rate
of 5.0 per cent. per annum, repayable in full at the end of the term.

The loan is redeemable or convertible at the sole discretion of Mr Kyte, at
the earlier of the completion of an equity placing by the Company raising not
less than £2.0m gross proceeds and 31 December 2022.

If converted, the conversion price will be the higher of 35.0 pence per
ordinary share of the Company and the prevailing share price at the date of
conversion.

Cash drawn down under the Agreement will be in tranches as required by the
Company. An initial tranche of £0,2 million has been drawn down by the
Company.

A second tranche of £150,000 has today been drawn down on the convertible
loan facility provided by Richard Bernstein, meaning a total of £0.4 million
has now been drawn down under that facility agreement.

Colm McVeigh, Chief Executive of Insig AI, commented: "I am pleased that
David, a long-term supporter of the Company, has approached us to add to our
funding options. As we continue to strengthen and deepen our pipeline, this
funding will provide further financial flexibility while we continue our
discussions with prospects, customers and potential partners."

For further information, please visit www.insg.ai (http://www.insg.ai) or
contact:

 Insig AI plc                                                         Via SEC Newgate

 Colm McVeigh (CEO)
 Zeus (Nominated Adviser & Broker)                      +44 (0) 20 3829 5000

 David Foreman / James Hornigold / Danny Phillips

 SEC Newgate (Financial PR)                             +44 (0) 7540 106 366

 Robin Tozer / Richard Bicknell                         insigai@secnewgate.co.uk

 

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