European Wealth secures £5.25m bridge financing facility
Source - SMW
European Wealth Group (EWG) said it has secured a bridge financing facility for £5.25m, which is to be used to (i) redeem the £4.2m of quoted convertible loan stock and accrued interest, and (ii) repay the £0.3m loan (including interest) to Clydesdale Bank.
The Facility is being provided by KPI (Nominees) Limited and is for a period of up to 90 days, with interest being charged every 30 days.
The first 30 days interest will be chared at 1%, the next 30 days attracts interest of 1.25%, and the final 30 days attracts interest of 1.5%.
In addition, EWG is paying an arrangement fee of 1.5% of the Facility and an exit fee of 1.5% of the Facility.
(LON:EWG) European Wealth Management Group Limited share price was 0p at 31p
(LON:EWGL) share price was 0p at 8p