cloudBuy has announced that Roberto Sella, who has already provided significant financial support to the company, has agreed to subscribe for up to a further £3,400,000 e loan notes similar to those issued by the company in April 2016. On 26 Apr 2016, the company created secured loan notes in the aggregate principal amount of £5.75m. It is now proposed that new convertible secured loan notes of £1.00 par value each in the aggregate principal amount of £3.4m will be created and an initial tranche in the principal amount of £1.7m issued. The New CLS attract an annual interest charge of 2.33%, which can be met in cash or by the issue of additional New CLS and will be convertible at a price of 2p per share into new ordinary shares. The proceeds of the financing will be used to provide working capital to the business.
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