CYBER1 secures short term loan of €300,000
Stockholm, Sweden – 9th September 2024 – Cyber Security 1 AB (publ) (the “Company”) (“CYBER1”) (Nasdaq First North: CYB1) announces that it today has secured a short term loan, to facilitate parent company related costs.
The two loans, totalling €300,000, are arranged by two companies, Frank Romeijn Pensioen B.V (€200,000 and existing shareholder) and TriArch Capital B.V (€100,000 and existing shareholder), the latter company owned by CYBER1 Chairman Johan Bolsenbroek. The Chairman has recused himself from voting on the loan undertaking, to ensure that the outcome remains impartial and free from any potential bias. The loan amounts shall be made available for the Company on the 9th of September, 2024.
Key loan terms
The loan matures on 28th of March, 2025. Interest is agreed at ten (10) per cent per annum from availability, with interest capitalising on the maturity date alongside the principal amount. The loans are unsecured.
Loan purpose
The loan is enabling the Company to further accelerate key strategic growth initiatives, whilst improving cashflow in the underlying business units.
The Board of Directors have undertaken the loan arrangement at arm’s length negotiation with lenders. Loan arrangements have been completed in alignment with recent debt funding on comparable terms and it is the opinion of the Board of Directors that in light of prevailing short term loan funding interest market sentiments and specifically the unsecured nature of the loans, that loans terms are made on fair market terms.
