14 January 2025
Catenai PLC
("Catenai", or the "Company")
Working Capital Loan and
Related Party Transaction
Catenai PLC (AIM: CTAI), the AIM
quoted provider of digital media and technology, announces that it
has entered into loan agreements to provide the Company with
£100,000 of funding ("Loan Agreements").
Working Capital Loan
In order to support its own working
capital, Catenai has entered into Loan Agreements with certain
existing shareholders and a new party to provide £100,000 in loans
on the following terms:
●
An arrangement fee of 10% of the loan commitment
("Fee") added to the loan balance.
●
No interest charged until 1 November 2025 by when
it is expected that the loan will have been repaid, if not
thereafter at 0.5% per calendar day, on the outstanding
balance.
●
Immediate advance of £10,000 due by 31 January 2025
with nine additional monthly drawdowns of £10,000 from January
2025.
●
Upon repayment of the Fee and loan commitment,
33,333,334 warrants over new ordinary shares exercisable at a price
of 0.3 pence per share for a period of two years from the date of
repayment, will be issued to the lenders. A further announcement
will be made on issue of the warrants ("Warrants").
Related Party Transaction
Sanderson Capital Partners Ltd are
providing £25,000 under a Loan Agreement and will receive 8,333,333
Warrants upon repayment.
The Loan Agreement which has been
entered into between the Company and Sanderson Capital Partners Ltd
constitutes a related party transaction for the purposes of Rule 13
of the AIM Rules by virtue of Sanderson Capital Partners Ltd being
a shareholder of more than 10% of the Company's current issued
share capital (the "Transaction"). Brian Thompson and John
Farthing, being independent directors of the Company, having
consulted with the Company's nominated adviser, Cairn Financial
Advisers LLP, consider that the terms of the Transaction are fair
and reasonable in so far as the Company's shareholders are
concerned.
This announcement contains inside
information for the purposes of the UK Market Abuse Regulation. The
person who arranged for release of this announcement on behalf of
the Company was John Farthing, Interim Chief Executive Officer of
the Company and the Directors of the Company are responsible for
the release of this announcement.
For
further information please contact:
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Catenai PLC
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+44 (0)20
7183 8666
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John Farthing, Interim Chief
Executive Officer
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Cairn Financial Advisers LLP (Nominated
Adviser)
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+44 (0)20
7213 0880
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Liam Murray / Ludovico Lazzaretti /
James Western
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Shard Capital Partners LLP (Broker)
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+44 (0)20
7186 9952
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Damon Heath
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Notes to Editors:
About Catenai PLC
Catenai is an AIM quoted provider of
digital media and technology services. The Company has an
experienced IT team of project managers and integrators who have
deployed systems across corporate, government and educational
sectors.
www.catenaiplc.com
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.