REG - Insig AI Plc - Revision of Convertible Loan Facility Agreements

Insig AiAnnouncement

22/12/2022 07:00

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RNS Number : 5449K  Insig AI Plc  22 December 2022

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22 December 2022

Insig AI plc

("Insig AI" or the "Company")

Revision of Convertible Loan Facility Agreements

Insig AI plc (AIM: INSG), the data science and machine learning group, is
pleased to announce the Company has agreed revised terms for the convertible
loan note agreements with Richard Bernstein as announced on 3 May 2022 and
David Kyte as announced on 16 June 2022 for £1m and £0.5m respectively. The
Company and loan note holders have agreed to the following term revisions:

Richard Bernstein:

·    interest owed on the first convertible loan facility to be rolled up
into the loan expiring on 31 December 2023;

·    interest of 8 per cent. per annum, (previously 5 per cent. per
annum), which reflects the 2.25 per cent increase in UK base rates since May
2022 and the deterioration in debt capital markets and funding environment;
and

·    a conversion price of 20p, which represents a 25 per cent. premium to
the closing share price on 21 December 2022 of 16p ("Current Share Price"),
and the issuance of 1,666,667 warrants expiring on 31 December 2025
exercisable at a price of 30p, which represents an 87.5 per cent. premium to
the Current Share Price.

David Kyte:

·    interest owed on the first convertible loan facility to be rolled up
into the loan expiring on 31 December 2023;

·    interest of 8 per cent. per annum, (previously 5 per cent. per
annum), which reflects the 2.25 per cent increase in UK base rates since May
2022 and the deterioration in debt capital markets and funding environment;
and

·    a conversion price of 18p, which represents a 12.5 per cent. premium
to the Current Share Price, and the issuance of 1,388,889 warrants expiring on
31 December 2025 exercisable at a price of 25p, which represents a 56.25 per
cent premium to the Current Share Price.

 

Richard Bernstein is a director of the Company. Accordingly, the revised terms
of the convertible loan issued to him, is deemed to be a related party
transaction pursuant to AIM Rule 13. The directors of the Company (excluding
Richard Bernstein), having consulted with Zeus Capital Limited, the Company's
nominated adviser, consider that the revised terms of his 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                                                         colm.mcveigh@insg.ai

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

 David Foreman / James Hornigold / Danny Philips

 

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