TruSpine Technolgs. - Director Loan, Related Party Transaction & Update
Announcement provided by
TruSpine Technologies Plc · TSP25/04/2023 15:45
25 April 2023
TruSpine Technologies plc
("TruSpine" or the "Company")
Director Loan, Related Party Transaction and Update
TruSpine Technologies Plc, the medical device company focused on the spinal (vertebral) stabilisation market, announces that it has entered into a
Loan Agreement
Pursuant to the Loan Agreement, the Company has received
The Funding Loan is unsecured and bears an interest rate of 6 per cent. per annum starting from the date on which the funds were received by the Company and ending upon full repayment of the Funding Loan with accrued interest. At the mutual consent of both parties, the Funding Loan can be repaid in instalments.
Related Party Transaction
Annabel Schild is considered a "Related Party" as defined under the AQSE Growth Market Access Rulebook as a result of being a director of TruSpine. The Loan Agreement therefore constitutes a related party transaction for the purposes of Rule 4.6 of the AQSE Growth Market Access Rulebook.
The directors of TruSpine independent of the Loan Agreement confirm that, having exercised reasonable care, skill and diligence, the related party transaction is fair and reasonable insofar as the shareholders of TruSpine are concerned.
Update on Bridge Loan
On 3 January 2023 the Company announced a
Update on Working Capital
As announced on 28 February 2023 the Company entered into a loan agreement and received
The Company anticipates receipt of a HMRC R&D tax credit of approximately
The Company has limited working capital resources and continues to carefully manage its cash position.
CEO Laurence Strauss commented: "As TruSpine undergoes a transitional phase in regard to its board composition and positioning for the future, we are pleased to announce this additional funding support from TruSpine Non-Executive Director Annabel Schild."
"I look forward to reporting further developments in due course".
This announcement contains inside information for the purposes of the
Enquiries:
TruSpine Technologies Plc |
Tel: +44 (0)20 3638 5025 |
Laurence Strauss, Chief Executive Officer |
|
|
|
Cairn Financial Advisers LLP (AQSE Corporate Adviser) |
Tel: +44 (0)20 7213 0880 |
Liam Murray / Ludovico Lazzaretti |
|
Oberon Capital (Joint Broker) |
|
Mike Seabrook / Chris Crawford
|
|
Peterhouse Capital Limited (Joint Broker & Financial Adviser) |
|
Lucy Williams / Duncan Vasey
|
|
Novus Communications (PR and IR) |
Tel: +44 (0)207 448 9839 |
Alan Green / Jacqueline Briscoe |
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.