GSTechnologies Ltd on Wednesday said it cancelled its $1.6 million loan facility, announced in late December, after one drawdown of $800,000, meaning a second drawdown of the same amount is no longer available.
The Milton Keynes, England-based information technology solutions company said its directors reviewed the capital requirements of the company and decided against further utilising the facility in the year.
As a result, it decided to cancel the facility, with a total principal amount of $285,000 remaining outstanding under the facility from the first instalment.
The remainder has already been converted into company equity, as previous announced.
Before cancellation, the second instalment of $800,000 was available for drawing down from June 26.
Shares in GSTechnologies were up 18% to 0.42 pence each in London on Wednesday morning.
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