Symphony Environmental Technologies plc announced that it expects to receive £1 million in funding from Sea Pearl Ventures Limited
Symphony Environmental Technologies plc announced that it has entered into convertible loan agreement to issue unsecured convertible loan in the principal amount of £1,000,000 on October 18, 2023. The transaction included participation from returning investor, Sea Pearl Ventures Limited. The company will pay interest at rate of 7% per annum, payable as accrued on repayment and/or conversion. If not repaid before September 30, 2024, conversion on that date. Conversion price is 80% of the volume-weighted average share price for the 3 months prior to September 30, 2024.
On the same date, the company has received £500,000 in its first tranche and expects to receive £500,000 on or before 31 March 2024.