Loan amount and availability
The loan, for a total amount of €3,500,000, to the Company is arranged by
Maturity and interest
The loan matures as below:
€1,000,000 as of August 31, 2022 (“First Maturity Amount”) and
€2,500,000 June 15, 2025 (“Second installment amount”).
No interest will accrue on the first amount at maturity. Interest on the unpaid second installment amount will be ten (10)% per annum from availability and will be accrued on each anniversary of the availability date (each an “Interest Accumulation Date”). Interest on the Second Maturity Amount will be paid by the Borrower on each Interest Capitalization Date either by a cash payment or by a directed offset issue of new ordinary shares (or a combination of both), as decided by the lender within forty-five (45) business days prior to each Interest Capitalization Date (otherwise payment in new shares will be the default arrangement). The subscription price for Interest Shares will be equal to 85% of the volume-weighted average price of the Borrower’s shares on Nasdaq First North for thirty (30) consecutive trading days immediately preceding the Interest Accumulation Date. concerned.
The lender will have at any time during the term of the loan, in one or more instalments, the right to demand repayment of at least 25% of the total amount of the loan against receipt of new ordinary shares issued by the Company, with a price subscription fee for each of these new shares will be €0.075.
The loan may be prepaid by the Company, in whole or in part, at any time, with interest to accrue until prepayment in respect of the Second Maturity Amount, without any additional premium or penalty. No arrangement fees or other fixed fees of any kind will apply to the arrangement of the loan.
As security for the Amount at First Maturity, an amount corresponding to the Amount at First Maturity resulting from the exercise of the BSAs issued by the Company within the framework of an issue of units carried out in 2021 (when the BSAs have an exercise period from July 25 to
As security for all its obligations under the loan agreement, the Company pledges all the shares of the CSSA and CSAD subsidiaries held by the Company, as well as all the additional shares of CSSA and CSAD to be acquired during the term of the loan agreement until up to a value equal to the total amount of the loan, plus 30% for interest coverage.
Purpose of the loan
The loan enables the Company to further accelerate key strategic growth initiatives as well as provide the required funding of the Company’s remaining obligations to external creditors in the binding composition of the Company’s reconstruction process which took effect on 29 June 2021 (in which a 75% write-down of the Company’s former subordinated debt was adopted by the
President of CYBER1