B90 raises £0.54m from existing investors

The AIM-traded firm said the net proceeds would be used to develop its growth initiatives, and for general working capital.

It said the notes would have a term of three years from issue, and would be convertible no earlier than 1 January 2024, at the request of the note holders, at a 10% discount to the volume-weighted average price for the five trading days before the conversion notice.

The motes would also be convertible, at the discretion of the company, at any time and on the same terms.

B90 said the loan notes would carry a coupon of 10% per annum, which would accrue and be paid on redemption or conversion.

“Since my appointment, we have made operational changes and implemented restructuring initiatives which will significantly reduce overhead costs into 2023,” said interim executive chairman Ronny Breivik.

“These funds raised through the loan notes will allow us to continue investing in our growth plans, without the need to access equity markets at current low levels.”

Breivik said the board was “pleased” by the level of participation in the raising, supporting its “continued confidence” in the company.

“We remain on track to meet market revenue expectations for the 2022 full year.”

Reporting by Josh White for Sharecast.com.