SIMRIS ALG CONFIRMS AN INCREASE TO ITS FLEXIBLE FUNDING FACILITY
Simris Alg AB (publ), today announced a €0.5m increase to its flexible funding facility with The Brand Laboratories, a company associated with Simris Chairman, Steven Schapera. The increase is contingent upon Shareholder approval. A notice calling for an Extra Genera Meeting (EGM) will be sent out in the coming days. The full funding facility will be secured against a business mortgage.
The Brand Laboratories FZ ("TBL"), a company associated with Simris Chairman, Steven Schapera, has agreed to increase the flexible funding facility it provided to Simris on 25th August 2022 by up to €0.5m, taking their total commitment €1.5m. The additional funds will enable Simris to accelerate the re-launch of Simris branded food supplements, and enter opportunities around its Antibody Drug Conjugate (ADC) platform that were not there just a few months ago.
Although the company is still some way from fully utilising the original €1.0m facility, having drawn down only €675k, a number of opportunities have developed recently that could justify investment of additional growth capital in coming months. The Board believes it is thus prudent to increase the flexible facility, which can be drawn down as and when required.
The full loan will be paid back by 25th August 2023. As before, interest will be charged at a rate of 1.0% per month and there is an establishment fee of 2.5%. As a condition of the €0.5m facility increase, which is contingent upon Shareholder approval at a forthcoming EGM, the drawn-down amount of up to €1.5m will be secured against a business mortgage.
For more information contact:
Julian Read
CEO Simris Alg AB
Email: julian@simris.com
Phone: +46767888212
www.simrisalg.se
This information is information that Simris Alg AB is obliged to make public according to the EU's market abuse regulation. This information was provided by the above contact person for publication on 2023-01-24 at 09:30 CEST.
ABOUT SIMRIS ALG AB (PUBL):
Simris Alg is a biologics company identifying high value, natural, biologically active compounds found in microalgae and cyanobacteria to extract for applications in skincare, nutrition, and biopharmaceuticals. The company sustainably grows microalgae and cyanobacteria at industrial scale within its photobioreactor facility whereby conditions are optimized for production of these high-value compounds.
Simris Alg's shares are traded on the Nasdaq First North Growth Market with the short name SIMRIS and ISIN code SE0008091664. Certified Adviser is Amudova AB, telephone: 08-546 017 58,