(Alliance News) - TruSpine Technologies PLC on Tuesday said it has entered a GBP200,000 loan agreement, whilst its Chief Executive Officer Ian Roberts has stepped down.

Under the new loan agreement, the London Gatwick Airport-based medical device company said it has received GBP200,000, which will be used for "general working capital purposes."

The loan bears an interest rate of 12% per year. Should the loan not be repaid by July 31, the interest rate will be upped to 20% per year.

The company noted that on repayment of the loan, it will issue a warrant over 8.0 million new shares in the company with a price of 2.5 pence per share.

TruSpine also said that its CEO Ian Robert has stepped down, but will continue as an employee of the company.

It has named Laurence Strauss as its new acting managing director. The company noted that this is a non-board appointment.

Most recently, TruSpine said that Strauss has been advising private clients on equity investments and initial public offerings.

The company's shares were flat at 1.225 pence each in London on Tuesday afternoon.

By Sophie Rose, Alliance News reporter

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