TIDMCCS
RNS Number : 1299Q
Crossword Cybersecurity PLC
16 October 2023
Crossword Cybersecurity Plc
Issue of Loan Notes
16 October 2023 - London, UK - Crossword Cybersecurity Plc
(AIM:CCS, "Crossword", the "Company" or the "Group"), the
cybersecurity solutions company focused on cyber strategy and risk,
today announces that it has entered into entered into agreements
for five year, unsecured, convertible loans to the value of
GBP230,000.
Following the issue of the GBP2,015,000 Convertible Loan Notes
announced on 31 August 2023 and the GBP230,000 convertible loans,
the Company has utilised GBP2.245m of the GBP2.5m additional debt
authorised at the general meeting of 27 July 2023 with no immediate
plans to utilise the remaining GBP255,000 capacity. The Company
intends to use the GBP230k funding to provide additional working
capital as the Company seeks to achieve EBITDA and cash breakeven
in the second half of 2024.
The terms of the loan are as follows;
Term Five Years from the date of the loan agreement
Interest rate 12 per cent., payable quarterly
---------------------------------------------------------
At the company's sole discretion, subject to a
Early Repayment minimum repayment amount of GBP10,000
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Either in cash or in Crossword ordinary shares
of 0.5p each ("Ordinary Shares"). The conversion
price for Ordinary Shares will be 8.75p for each
Ordinary Share which equates to the middle market
price per share of the Ordinary Shares (as derived
from the daily official list of the London Stock
Exchange) on the last Business Day before the
Form of repayment date of the Loan Agreements.
---------------------------------------------------------
On repayment of the loans in cash, each lender
will be issued warrants valid for three months
to subscribe for Ordinary Shares representing
10 per cent. of the value of the Loan at the Conversion
Warrants Price
---------------------------------------------------------
Following the above issue of loan notes, the Company has
convertible loan notes of GBP4,120,000, with expiry dates from June
2025 to October 2028.
- Ends -
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
Contacts
Crossword Cybersecurity plc - Tel: +44 (0) 333 090 2587
Email: info@crosswordcybersecurity.com
Tom Ilube, Chief Executive Officer
Mary Dowd, Chief Financial Officer
Grant Thornton (Nominated Adviser) - Tel: +44 (0) 20 7383
5100
Colin Aaronson / Jamie Barklem / Ciara Donnelly
Hybridan LLP (Broker) - Tel: +44 (0)203 764 2341
Claire Louise Noyce
For media enquiries contact:
Duncan Gurney, GingerPR
duncan@gingerpr.co.uk - Tel: +44 (0)1932 485 300
About Crossword Cybersecurity plc
Crossword offers a range of cyber security solutions to help
companies understand and reduce cyber security risk. We do this
through a combination of people and technology, in the form of SaaS
and software products, consulting, and managed services.
Crossword's areas of emphasis are cyber security strategy and risk,
supply chain cyber, threat detection and response, and digital
identity and the aim is to build up a portfolio of cyber security
products and services with recurring revenue models in these four
areas. We work closely with UK universities and our products and
services are often powered by academic research-driven insights. In
the area of cybersecurity strategy and risk our consulting services
include cyber maturity assessments, industry certifications, and
virtual chief information security officer (vCISO) managed
services.
Crossword's end-to-end supply chain cyber standard operating
model (SCC SOM) is supported by our best-selling SaaS platform,
Rizikon Assurance, along with cost-effective cyber audits, security
testing services and complete managed services for supply chain
cyber risk management. Threat detection and response services
include our Nightingale AI-based network monitoring, our Trillion
and Arc breached credentials tracking platforms, and incident
response. Crossword's work in digital identity is based on the
World Wide Web Consortium W3C verifiable credentials standard and
our current solution, Identiproof, enables secure digital
verification of individuals to prevent fraud.
Crossword serves medium and large clients including FTSE 100,
FTSE 250 and S&P listed companies in various sectors, such as
defence, insurance, investment and retail banks, private equity,
education, technology and manufacturing and has offices in the UK,
Poland and Oman. Crossword is traded on the AIM market of the
London Stock Exchange.
Visit Crossword at https://www.crosswordcybersecurity.com/
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END
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