Loan amendment to enable conversion into ordinary shares

June 18, 2021

On 3 July 2018, the Company entered into a £1 million loan facility with Vulpes Investment Management Private Limited ("VIM") (the “Loan”).  On 30 March 2021, the Company announced that the Loan had been amended such that the Loan (of which £700,000 is currently drawn) and all accrued interest (£59,657 as at 31 May 2021) is now repayable on 1 May 2022 (“Drawn Loan”).

The Directors of the Company are now pleased to announce that the Loan has been amended such that until 30 April 2022, VIM may convert part (being not less than £50,000 or a multiple thereof) or all of the Drawn Loan and accrued interest to 31 December 2020 (being £51,538) into new ordinary shares of the Company (the “Loan Amendment”). 

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