Clear Leisure enters into convertible loan facility with Eufingest

Clear Leisure announced on Friday that it has entered into an unsecured convertible loan facility agreement with Eufingest, a Swiss investor and major shareholder in the company.

The AIM-traded firm said under the facility, Eufingest would provides €60,000 at an interest rate of 2.5% per annum.

It said the facility is repayable on 31 March, and the proceeds will be used for working capital purposes.

“The company may repay the facility early at any time without penalty,” Clear Leisure’s board said in a statement.

“At any time before 31 March, Eufingest may convert the outstanding balance of the facility into shares at the rate of 0.85p per share.”

Including Friday’s loan facility, the total of loans outstanding with Eufingest was now €1,168,389.90, including interest.