REG - Minoan Group PLC - Loan Extension

MinoanAnnouncement

18/07/2022 07:00

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RNS Number : 7264S  Minoan Group PLC  18 July 2022

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulation (EU) No.
596/2014. Upon the publication of this announcement this information will be
considered to be in the public domain.

18 July 2022

Minoan Group Plc

(The "Company" or "Minoan")

Loan Extension

Further to recent announcements by the Company highlighting the growing belief
by the Board of Minoan that the Company is finally nearing the definitive
stage of its development of its Cavo Sidero project in Crete, the Board is
pleased to announce that it has reached agreement for an eight month extension
of the repayment date of the only secured debt (the "Loan") of the Company.

Loan Extension

The Loan is with DAGG LLP ("DAGG") and has been extended to 31 December 2022
for a fee of £150,000 to be settled by an issue of Ordinary Shares in Minoan
at 1p per share.

 

The amount outstanding at 30 April 2022 was £1,338,182. The interest rate is
10% per annum. Other than the repayment date, all terms of the Loan remain
unchanged.

 

The expiry date of a total of 35,000,000 Warrants to subscribe for Ordinary
Shares in Minoan at 1.4p per share held by the members of DAGG, will also be
extended to 31 December 2022 to be coterminous with the Loan.

 

Nicholas Day, a substantial shareholder of the Company currently holding 9.45%
of Minoan's issued share capital, is a member of DAGG. The loan extension and
fee constitutes a related party transaction under Rule 13 of the AIM Rules for
Companies. The Directors of Minoan consider, having consulted with the
Company's nominated adviser, that the terms of the transaction are fair and
reasonable insofar as its shareholders are concerned.

 

Christopher Egleton, Chairman, comments:

"We are pleased to have been able to agree this extension to the Loan to cover
a period during which we expect the Company's Project in Crete to reach a
definitive stage in its development."

 

For further information visit www.minoangroup.com (http://www.minoangroup.com)
or contact:

 Minoan Group Plc
 Christopher Egleton         christopher.egleton@minoangroup.com
 George Mergos               georgios.mergos@minoangroup.com
 Bill Cole                   william.cole@minoangroup.com

 WH Ireland Limited          020 7220 1666
 Megan Liddell

 Peterhouse Capital Limited  020 7469 0930
 Duncan Vasey

 

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