MapsPeople A/S Announces new debt facility with EIFO of mDKK 14.9 improving net cash flow with mDKK 13.4 by the end of 2025
MapsPeople A/S | Inside Information
Company Announcement No. 20 - 2024
Aalborg, September 11, 2024
New Debt Facility
Today MapsPeople has signed a new debt facility of up to 75 months, with Danmarks Eksport- and Investeringsfond (“EIFO”) of up to mDKK 14.9 that can be drawn in 3 tranches conditioned by a set of covenants primarily focused around reaching ARR objectives.
The conditions of the first tranche on mDKK 7, is that the recent capital increase was successful. Additional two tranches of mDKK 4 and m DKK 3.9 can be drawn down by the company when reaching ARR of respectively mDKK 69 and mDKK 79.8. A part of the terms is that EIFO receives warrants when the loan is drawn. The warrant will be priced with an exercise price equaling the average closing price of the share in the period 5 days before the first draw down.
The new loans will be interest only payment during the first 15 months from being drawn down by MapsPeople. If all tranches are drawn down according to plan this agreement will have a net positive cash impact of mDKK 13.4 by the end of 2025 compared with the current situation .
Morten Brøgger, CEO of MapsPeople says: “I am very pleased that we have come to this new agreement with EIFO after a thorough market research. Combined with the capital increase completed last week we now have a very strong balance sheet to execute on our growth plans, both organically and through acquisitions. After 18 months with many initiatives to streamline our cost base, building an efficient organization while delivering above average growth, I am extremely pleased that we now are in a financially very strong position to focus all our energy on executing on our growth plans for the next many quarters, and I am definitely looking forward to this“.
For additional information, please contact
MapsPeople A/S
Morten Brøgger, CEO
Mobile (+45) 31 23 48 72
Email [email protected]
Stigsborgvej 60, 9400 Nørresundby
Denmark
Certified Advisor
Grant Thornton
Jesper Vestergaard
Mobile (+45) 31 79 90 00
Stockholmsgade 45 2100 Copenhagen Ø
Denmark
IMPORTANT INFORMATION
This announcement is not an offer to sell or a solicitation of any offer to buy any securities issued by MapsPeople in any jurisdiction where such offer or sale would be unlawful and the announcement and the information contained herein are not for distribution or release, directly or indirectly, in or into such jurisdictions, including but not limited to, the United States, Australia, Canada or Japan.
This announcement does not constitute an offering circular, company description or other offer document and nothing herein contains an offering of securities. No one should purchase or subscribe for any securities in MapsPeople except as described in this company announcement.
Neither the existing shares of MapsPeople (the "Existing Shares") nor the New Shares have been, or will be, registered under the United States Securities Act of 1933, as amended ("Securities Act"). Neither the Existing Shares nor the New Shares may be offered or sold, directly or indirectly, in or into the United States or to persons residing there. Moreover, the Private Placement is not made to persons resident in Australia, Hong Kong, Japan, Canada, New Zealand, South Africa, Switzerland, or Singapore or to persons whose participation would require the publication up of a prospectus, registration or other measures.
Certain statements in this announcement constitute forward-looking statements. Forward-looking statements are statements (other than statements of historical fact) relating to future events and the Company's anticipated or planned financial and operational performance. The words "targets", "believes", "expects", "aims", "intends", "plans", "seeks", "will", "may", "might", "anticipates", "would", "could", "should", "continues", "estimates" or similar expressions or the negative forms thereof, identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. MapsPeople has based these forward-looking statements on its current views with respect to future events and financial performance. By their nature, forward-looking statements are based on certain assumptions and projections on future events and financial performance, which involve a number of risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results are likely to differ from those set forth in the forward-looking statements. Any forward-looking statements speak only as at the date of this document and neither the Company nor any of its respective affiliates, directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not and may not rely on these forward-looking statements.
Source: MapsPeople
Tag: MapsPeople-Company-Announcements