REG - World Chess PLC - World Chess Secures €6 Million Loan Facility

World ChessAnnouncement

30/12/2024 07:00

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RNS Number : 5338R  World Chess PLC  30 December 2024

30 December 2024

World Chess Plc

("World Chess" or the "Company" or the "Group")

World Chess Secures €6 Million Loan Facility

World Chess (LSE: CHSS), a leading chess organisation committed to enhancing
the global mass market appeal of chess by introducing a variety of innovative
chess-related activities, is pleased to announce that its subsidiary company,
World Chess Events Ltd ("WCE"),  has entered into a loan facility agreement
(the "Facility") with an existing shareholder for a total amount of €6
million.

The Facility is available to be drawn down and repaid  in tranches by WCE and
is due for repayment in full including interest at 4% per annum by 31 December
2025.

The initial tranche of the Facility will be used to refinance an existing
short term loan on improved terms, with the remaining funds, if drawn down,
providing additional working capital for an expanded marketing program aimed
at promoting chessarena.com, the Group's online chess gaming platform.

Ilya Merenzon, Chief Executive Officer of World Chess, commented:
"This Facility represents an important step in our growth journey. Our main
digital product, chessarena.com. the official gaming platform of FIDE - the
World Chess Federation, is positioned to scale rapidly, and access to funding
ensures we can capitalise on our momentum to establish chessarena.com as the
leading global platform for chess players, clubs, and enthusiasts."

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).

For more information, visit: www.worldchess.com (http://www.worldchess.com/)
or contact:

 

 

 World Chess                                    merenzon@worldchess.com

 Ilya Merenzon, CEO

 Novum Securities Limited - Financial Adviser  +44 (0) 20 7399 9400

 David Coffman / George Duxberry

 

Notes to Editors

About World Chess Plc

World Chess (LSE: CHSS) is a London-based chess gaming and entertainment
company and Fédération Internationale des Échecs ('FIDE') official
commercial partner. World Chess organised the FIDE Championship Matches in the
USA, and the UK, and revolutionised the sport by signing the biggest media
partnerships in history. World Chess develops Armageddon, the chess league for
prime-time television. World Chess also runs FIDE Online Arena, the exclusive
official chess gaming platform. More at worldchess.com
(https://worldchess.com/) .

 

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