REG - Substrate AI-Class B - Bond Conversion

Substrate Artificial Inteligence SAAnnouncement

22/02/2024 12:15

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RNS Number : 1412E  Substrate Artificial Intel - B    22 February 2024

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication
of this announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.

22 February 2024

SUBSTRATE ARTIFICIAL INTELIGENCE SOCIEDAD ANONIMA

("Substrate AI" or the "Company")

BOND CONVERSION

Substrate AI (AQUIS: SAI/SAI.B) announces that, as a follow-up to the
communication of Other Relevant Information of May 18, 2023 and the
resolutions adopted by the Company's General Shareholders' Meeting on May 17,
2023, in relation to the delegation and issuance of convertible bonds within
the framework of the financing agreement reached between the Company and
GLOBAL CORPORATE FINANCE OPPORTUNITIES (the "Investor"),  the Investor, in
accordance with the terms and conditions of the convertible bonds, has
proceeded to convert on January 11, 15, 17, 22, 23, 26 and 31 and February 2,
6, and 8:

-       5 bonds for a combined nominal amount of €50,000, at a
conversion price of €0.22 per share.

-       10 bonds for a combined nominal amount of €100,000, at a
conversion price of €0.21 per share.

-       15 bonds for a combined nominal amount of €150,000, at a
conversion price of €0.20 per share.

-       20 bonds with a combined nominal amount of €200,000, at a
conversion price of €0.91 per share.

Following the completion of the above transactions by GLOBAL CORPORATE FINANCE
OPPORTUNITIES, the bonds of the 13th issue "Convertible Debentures (JANUARY
2024)" have been fully repaid.

In this regard, the Company's share capital will increase by a total nominal
amount of €250,609 through the issuance of 2,506,090 Class A Shares ("New
Shares") with a par value of €0.10 each under the rules provided for in the
Spanish Companies Act and which will be announced following approval by the
official register of companies in Spain.

Of the total of the Company's New Shares, 227,272 Class A Shares are issued at
an issue price of €0.22 per share (€0.10 nominal plus €0.12 issue
premium), 476,190 Class A Shares will be issued at an issue price of €0.21
per share (€0.10 nominal plus €0.11 issue premium),  750,000 Class A
Shares will be issued at an issue price of €0.20 per share (€0.10 par
value plus €0.10 issue premium) and 1,052,628 Class A Shares will be issued
at an issue price of €0.19 per share (€0.10 nominal plus €0.09 issue
premium).

Once the deed of capital increase by conversion is registered in the
Mercantile Registry of Madrid, the Company will apply for admission to trading
of the 2,506,090 New Shares of the Company in the BME Growth segment of BME
MTF Equity and Access Segment of the AQSE Stock Exchange where   Company's
shares are listed and the Company will make further announcements in due
course.

The Directors of Substrate AI accept responsibility for this announcement.

 

 Substrate AI
 Lorenzo Serratosa                     info@substrate.ai (mailto:info@substrate.ai)

 Chairman
 First Sentinel Corporate Finance

 Corporate Advisors
 Brian Stockbridge                     +44 (0) 7858 888 007

 

About Substrate AI: Substrate AI is an artificial intelligence company based
in Spain that creates, buys and scales companies around AI in diverse sectors
such as fintech, agritech, energy, human resources, or health. All of them
sell products and services built on the bio-inspired reinforced learning
technology developed and patented by Substrate AI.

 

 

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