LONDON (Alliance News) - Software firm cloudBuy PLC on Friday said it has drawn down a further GBP1.0 million from the GBP5.8 million funds available under its interest-bearing loan note instrument dated April 8, 2016.
Under the terms of the agreement, cloudBuy has issued 362,800 convertible and 637,200 non-convertible loan notes of 100.00 pence each to shareholder Roberto Sella.
Sella has an 11% stake in the company. Following the notes issue, he holds 3.7 million convertible loan notes and 661,573 non-convertible loan notes. If the entire GBP5.8 million loan is utilised and all potential convertible loan securities are converted, Sella would have a 42.7% stake in the company.
GBP1.4 million is still available to be drawn down under the agreement.
Shares in cloudBuy were untraded early Friday, last quoted at 4.10 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews
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