Bango PLC on Tuesday said it has taken out a three-year loan from NHN Corp for ₩10.4 billion, or around $8.0 million.
The Cambridge, UK-based mobile commerce company said the loan will be used towards Docomo Digital, which it acquired in August last year from NTT DoCoMo for €4.0 million in cash.
The loan carries a fixed annual interest rate of 6%, starting from September 2024.
The company added that NHN has been granted 314,380 five-year warrants to purchase new ordinary shares in Bongo at 202 pence each.
NHN is a Seongnam, South Korea-based information technology company.
Bango Chief Executive Officer Paul Larbey said: ‘As set out in our announcement of last year’s transformational deal, I am pleased that Bango is able to apply additional capital to progress the integration of Docomo Digital. The stronger balance sheet will assist in landing the next wave of major customers for our market-leading Digital Vending Machine technology. We have made excellent progress this year, and I look forward to updating shareholders in July on the first half’s trading’.
Shares in Bango were down 4.3% at 182.75 pence each in London on Tuesday afternoon.
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