TIDMINSG

RNS Number : 1873K

Insig AI Plc

04 May 2022

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. It forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

4 May 2022

Insig AI plc

("Insig AI" or the "Company")

Convertible Loan Facility Agreement and drawdown

Insig AI plc (AIM: INSG), the data science and machine learning group, is pleased to announce the Company has entered into a formal agreement for a GBP1.0m convertible loan note to be provided by Richard Bernstein, non-executive chairman of the Company ("Convertible Loan") as provisionally announced on 21 March 2022.

The key terms of the Convertible Loan are:

   --    GBP1.0 million total facility (principal) amount. 
   --    the loan is unsecured and repayable on or before 31 December 2022.

-- interest will be accrued from the date monies are drawn down under the facility at a rate of 5.0 per cent. per annum, repayable at the end of the term.

-- redeemable or convertible purely at the discretion of Richard Bernstein, at the earlier of the completion of an equity placing by the Company raising not less than GBP2.0m gross proceeds; and 31 December 2022.

-- if converted, the conversion price will be the higher of 35.0 pence per ordinary share of the Company and the prevailing share price at the date of conversion. A conversion price of 35.0 pence per ordinary share represents a premium of approximately 35 per cent. to the closing share price of 26.0 pence on 18 March 2022.

The cash provided via the Convertible Loan will be draw in tranches as required by the Company. An initial tranche of GBP250,000 has been drawn down on the Convertible Loan.

The directors of the Company (excluding Richard Bernstein), having consulted with Zeus Capital Limited, the Company's nominated adviser, consider that the terms of the Convertible Loan are fair and reasonable insofar as the Company's shareholders are concerned.

For further information, please visit www.insg.ai or contact:

 
 Insig AI plc                                                       Via SEC Newgate 
  Colm McVeigh (CEO) 
 Zeus Capital Limited (Nominated Adviser 
  & Broker) 
  David Foreman / James Hornigold / 
  Danny Philips                                        +44 (0) 20 3829 5000 
 SEC Newgate (Financial PR)                            +44 (0) 7540 106 366 
  Robin Tozer / Richard Bicknell                        insigai@secnewgate.co.uk

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCAJMFTMTIMBRT

(END) Dow Jones Newswires

May 04, 2022 02:00 ET (06:00 GMT)

Ultimate Sports (LSE:USG)
Historical Stock Chart
From Dec 2024 to Jan 2025 Click Here for more Ultimate Sports Charts.
Ultimate Sports (LSE:USG)
Historical Stock Chart
From Jan 2024 to Jan 2025 Click Here for more Ultimate Sports Charts.