Cambridge Cognition Holdings PLC Secured GBP3 million Term Loan (5906N)
September 26 2023 - 2:00AM
UK Regulatory
TIDMCOG
RNS Number : 5906N
Cambridge Cognition Holdings PLC
26 September 2023
26 September 2023
Cambridge Cognition Holdings Plc
("Cambridge Cognition", the "Group" or the "Company")
Secured GBP3 million Term Loan
Cambridge Cognition Holdings plc (AIM: COG), which develops and
markets digital solutions to assess brain health, is pleased to
announce that the Company has obtained a GBP3.0 million loan (the
"Loan") from Claret European Specialty Lending Company III, S.à
r.l. ("Claret"). Claret s pecialises in providing growth capital to
innovative businesses . The Loan proceeds will provide the Group
with additional working capital and enable investment in product
development and solution integration.
The Loan will be drawn down in full immediately, has a fixed
interest rate of 11.5% per annum and a term of 36 months. The Loan
will be repayable, with interest, in 30 monthly instalments
following an initial six-month interest only period. The Loan is
secured over assets of the Company.
The Company will issue Claret with warrants to subscribe for
GBP540,000 of new ordinary shares of 1 pence each in the capital of
the Company ("Ordinary Shares"). The exercise price of the warrants
will be the lower of the volume weighted average price of the
Ordinary Shares in the 5 days preceding or post execution of the
Loan (the "VWAP"). The VWAP will be used to calculate the number of
warrants issued. A further announcement will be made when the
warrants are issued.
While the Loan is in place, Claret has the right of first
refusal on future debt fundings of the Company and has the right to
participate in any future equity financing up to an amount of
GBP500,000 on the same terms as any other participant.
Commenting, Matthew Stork, Chief Executive Officer of Cambridge
Cognition, said:
"We are pleased to have strengthened the balance sheet with the
Loan which will support us as we continue to execute our strategy
to grow the Company."
Commenting, David Bateman, Managing Partner of Claret Capital
Partners, said:
"We are excited to have started this relationship with the
Cambridge Cognition team and to be able to support them with this
Loan and their plans for growth and profitability. We are looking
forward to working with the Company."
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018.
Upon the publication of this announcement via the Regulatory
Information Service, this inside information is now considered to
be in the public domain.
Enquiries
Cambridge Cognition Holdings Plc Tel: 012 2381 0700
Matthew Stork, Chief Executive Officer press@camcog.com
Stephen Symonds, Chief Financial Officer
Panmure Gordon (UK) Limited (NOMAD and Joint Tel: 020 7886 2500
Broker) (Corporate Finance)
Freddy Crossley / Emma Earl / Mark Rodgers (Corporate Broking)
Rupert Dearden
Dowgate Capital Limited (Joint Broker) Tel: 020 3903 7715
David Poutney / James Serjeant
IFC Advisory Ltd (Financial PR and IR) Tel: 020 3934 6630
Tim Metcalfe / Graham Herring / Zach Cohen cog@investor-focus.co.uk
About Cambridge Cognition
Cambridge Cognition is a technology company developing digital
health products to better understand, detect and treat conditions
affecting brain health. The Company's software products assess
cognitive health in patients worldwide to improve clinical trial
outcomes, identify and stratify patients early and improve global
efficiency in pharmaceutical and healthcare industries.
For further information visit www.cambridgecognition.com
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