Crossword Cybersecurity Plc announced a private placement of convertible loan notes for the gross proceeds of £375,000 on April 19, 2023. The transaction included participation from Tom Ilube for £250,000 loan notes, Robert Coles for £100,000 loan notes, and £25,000 from undisclosed investors. The conversion price of the additional convertible loan notes is £0.0825, being the share price immediately prior to the date of issue.

The loans have an expiry date expiry dates between June 2025 and April 2026.