RE:RE:Alterego and Appsvillage Mission in Nairobi.(According to FB29.99% vs. 29.5% t42 loan.
t42 IoT Tracking Solutions plc
T42 raises $1.3M through a convertible loan from a strategic customer
t42 IoT Tracking Solutions plc (AIM: TRAC) (“t42” or the “Company”) is pleased to announce that
it has raised $1.3m (before expenses) to support both existing orders and the Company’s new
lease-based order strategy and to repay certain existing loans. The funding is in the form of a
secured convertible loan (“Loan”) provided to t42 Limited by Ewave Mobile Ltd.) (“Lender”), an
international group providing solutions across a range of sectors, including supply chain
management. Companies within Lender’s group have been long-time key customers of t42 in the
supply chain market.
The Loan, which carries interest at 10% per annum, payable quarterly on the principal drawn, will
be drawn down as to $600,000 immediately, $300,000 in three equal tranches during August
2023, and the balance of $300,000 by 30 September 2023.
The Company will apply approximately $0.55 million of the Loan to repay in full the outstanding
loan from CSS Alpha Global Pte Ltd (“CSS”), together with interest accrued, which was
announced on 15 December 2022 and carried a substantially higher interest rate compared to
the new Loan.
The remaining funds from the Loan are anticipated to assist the Company in advancing several
pending orders by supporting the upfront payment to suppliers and the new financing leasing
structure for other existing orders, and to support taking advantage of the expected growth in
business opportunities during 2023.
The Loan, together with accrued interest at the time of conversion, may be converted, at the
discretion of the Lender, at any time prior to the Loan repayment date of 20 January 2025, into
such number of new t42 ordinary shares as corresponds to 29.5% of the Company’s issued
ordinary share capital immediately following such conversion. The Loan may be converted in part,
on a pro rata basis to the above terms.