REG - Insig AI Plc - Convertible Loan Facility Agreement and drawdown

Insig AiAnnouncement

04/05/2022 07:00

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RNS Number : 1873K  Insig AI Plc  04 May 2022

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4 May 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 the Company has entered into a formal agreement for
a £1.0m convertible loan note to be provided by Richard Bernstein,
non-executive chairman of the Company ("Convertible Loan") as provisionally
announced on 21 March 2022.

The key terms of the Convertible Loan are:

·    £1.0 million total facility (principal) amount.

·    the loan is unsecured and repayable on or before 31 December 2022.

·    interest will be accrued from the date monies are drawn down under
the facility at a rate of 5.0 per cent. per annum, repayable at the end of the
term.

·    redeemable or convertible purely at the discretion of Richard
Bernstein, 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.  A conversion price of 35.0 pence per ordinary share
represents a premium of approximately 35 per cent. to the closing share price
of 26.0 pence on 18 March 2022.

The cash provided via the Convertible Loan will be draw in tranches as
required by the Company. An initial tranche of £250,000 has been drawn down
on the Convertible Loan.

The directors of the Company (excluding Richard Bernstein), having consulted
with Zeus Capital Limited, the Company's nominated adviser, consider that the
terms of the Convertible Loan are fair and reasonable insofar as the Company's
shareholders are concerned.

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

 Insig AI plc                                                         Via SEC Newgate

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

 David Foreman / James Hornigold / Danny Philips

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

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

 

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