AI assistant
ONE CLICK GROUP LIMITED — Capital/Financing Update 2020
Jan 27, 2020
64250_rns_2020-01-27_97714fa4-f670-4d7c-88c2-7712e455d709.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
ASX RELEASE
28 January 2020
==> picture [190 x 11] intentionally omitted <==
==> picture [190 x 12] intentionally omitted <==
==> picture [190 x 11] intentionally omitted <==
US$600,000 CREDIT FACILITY
UUV Aquabotix Ltd (ASX:UUV) (“Aquabotix" or the “Company”) today announces that it has entered into a non-convertible unsecured credit facility agreement (the “Agreement”) with Bergen Global Opportunity Fund, LP (the “Lender”).
Under the Agreement, the Lender will make US$248,000 (approximately A$365,000) available to the Company by way of an unsecured credit facility, which can be drawn down by the Company, in its discretion, over the next twelve months. A further US$352,000 (approximately A$520,000) may be drawn down by mutual agreement between the Lender and the Company. The Company elected to put the facility in place in order to provide it with additional working capital, should such working capital be needed.
If the Company elects to drawdown the facility, an initial payment of US$48,000 will be payable and interest will be payable on the amount outstanding at the rate of 14.99% per annum, payable in arrears each quarter.
The funding is non-convertible and does not involve an issue of any equity security.
The Lender is a related party of the Company. The Independent Directors of the Company have considered the applications of Chapter 2E of the Corporations Act 2001 (Cth) and have concluded that shareholder approval to enter into the Agreement is not required on the basis that the Agreement was entered into at arms length and the terms are a fair and reasonable commercial terms.
Authority
This announcement has been authorised for release by the Board of Directors of UUV Aquabotix Ltd.
Further Information
Whitney Million Chief Executive Officer [email protected] +14238952673
Peter James Winton Willesee Non-Executive Chairman Joint Company Secretary [email protected] [email protected]
ENDS
About UUV Aquabotix Limited
Based in Australia, and Virginia and Massachusetts, USA, Aquabotix is an established underwater robotics company which manufactures and sells commercial and industrial-grade underwater drones for commercial, high-end consumer and military applications. It is also the first company globally that is offering commercially-available swarming underwater drones. Please visit www.aquabotix.com
UUV Aquabotix Ltd ACN 616 062 072 CPC SE 5, 145 Stirling Highway, Nedlands WA 6009
1