Coala-Life Group AB (publ) (”Coala Life” or ”The Company”) has entered into a loan facility agreement of SEK 25 M with a consortium of existing shareholder, to ensure that the Company has sufficient funds to meet the short-term working capital needs. The facility is available to the Company, to be utilized in its entirety, until March 31, 2023, and matures December 31, 2023.
The Company has entered into a loan facility agreement today, November 15, 2022, with a consortium of existing shareholders. The loan facility amounts to SEK 25 M, and can only be utilized in its entirety, should the Company require the funds to meet its working capital needs. The loan facility can be utilized until March 31, 2023, with an annual interest rate of eight (8) percent, starting from the utilization date. The utilized amount can be converted in a future share issue, to the same terms as offered to other investors, alternatively repaid to the lenders in cash in its entirety, no later than the maturity date December 31, 2023. The Company’s and the lenders’ mutual intention is to have the utilized amount converted into shares.
”It is very encouraging that our large shareholders are willing to participate in the convertible loan facility, that can be converted into shares. It proves that our owners believe in our long-term growth plans in the American market“, says Dan Pitulia, CEO of Coala- Life Group AB.