i-nexus Global PLC on Wednesday said it plans to raise £500,000 through the issue of fixed rate unsecured convertible redeemable loan notes.
The Coventry, England-based software company said the fundraise ‘will provide much needed additional working capital to allow the emerging sales and pipeline momentum to be reflected within operating results and cashflow and will be applied entirely towards meeting the company’s ongoing working capital requirements.’
The 2023 convertible loan notes will be unlisted and non-transferable, i-nexus said.
The holders will have the right to convert the notes they hold into ordinary shares at a price of 10 pence each at any time on or prior to July 7, 2025. This represents a premium of more than double Tuesday’s closing price of 3.75p
Shares in i-nexus were up 15% to 4.30p each in London on Wednesday morning.
‘Having made good progress on increasing our sales pipeline, adding new logos and expanding the use of our software within existing customers, we felt that the time was right to provide the business with a cash buffer to enable a greater focus on the execution of the strategy. We are once again very grateful for the support of our investors in providing us with this funding and look forward to continued steady progress in the months ahead,’ said Chief Executive Simon Crowther.
Furthermore, i-nexus said it has agreed with the holders of both the 2020 convertible loan notes and the 2021 convertible loan notes to extend the final redemption dates. For the 2020 convertible loan notes the date will be extended to November 2025 from November 2025. For the 2021 convertible loan notes the date will be extended to September 2025 from September 2024.
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