CRUSHMETRIC Group Limited USD 1m Convertible Bond and Disputes Update (8298Y)
10 May 2023 - 4:00PM
UK Regulatory
TIDMCUSH
RNS Number : 8298Y
CRUSHMETRIC Group Limited
10 May 2023
10 May 2023
CRUSHMETRIC GROUP LIMITED
("CRUSHMETRIC" or "the Company")
Issue of Convertible Bond
and
Update on Supplier and Distributor Dispute
CRUSHMETRIC Group Limited announces that it has entered into an
unsecured convertible bond agreement (the "Bond") with Sky Solar HK
Investments Limited (the "Investor"). The Investor subscribed in
cash for the Bond for a principal amount of USD$1,000,000
(approximately GBP790,400) (the "Principal Amount"). The Coupon
will be at 10% and calculated on an annualised basis.
The Bond, at the election of the Investor, may be converted into
ordinary shares (the "Underlying Shares") or redeemable according
to the term sheet that is summarised below.
The proceeds of USD$1,000,000 from the issue of the Bond will be
used for general working capital purposes.
Convertible Bond principle terms:
Instrument and The Bond, when convertible into the
Underlying Shares: Underlying Shares, will rank pari passu
with all outstanding ordinary shares
of the Company.
Maturity Date: Three years from the date of receipt
of the Principal Amount.
Coupon: Ten percent (10%) per annum which shall
be payable by the Company annually
in arrears after receipt of the Principal
Amount.
Conversion Price: The Bond shall be convertible into
the Underlying Shares at a Conversion
Price of GBP 0.2 per share where 50%
of the Bond can be converted within
the first year at the discretion of
Investor, 25% of the Bond can be converted
in the second year at the discretion
of the Investor and the rest of 25%
can be converted on the Maturity Date
at the discretion of Investor.
Redemption: At Maturity, if not already converted
into the Underlying Shares.
Redemption Price: Unless previously redeemed, converted,
or purchased and cancelled, the Company
will redeem the Bond at its Principal
Amount together with any accrued and
unpaid interest thereon on the Maturity
Date.
Dispute Updates
The Company announces that, further to the announcement of 28
January 2022 and 3 May 2022, its subsidiary, Star Collaboration
(Guangzhou) Limited ("Star C") has signed a settlement agreement
with the supplier in full and final settlement of the second legal
proceeding, whereby Star C will pay a total of approximately
GBP68,600 (equivalent to approximately RMB600,000).
Separately, the Company also announces, further to the
announcement of 3 December 2021, that its subsidiary, Star
Collaboration (Guangzhou) Limited ("Star C") will continue to
engage lawyers to recover the outstanding debt of approximately
RMB2,500,000 (equivalent to approximately GBP286,000) from the
distributor. A civil judgement awarding RMB2,500,000 in the
Company's favour, was decided, although the Company is still trying
to recover these funds from the supplier.
The Directors of the Company accept responsibility for the
contents of this announcement.
For further information, please contact:-
CRUSHMETRIC Group Limited
ONG Ban Poh Michael - Chief Executive Tel: +852 2110 4221
Officer
Lilian Lo - Acting Chief Financial Officer
AQSE Growth Market Corporate Adviser Tel: +44 (0) 20 7469
PETERHOUSE CAPITAL LIMITED 0930
Guy Miller
Mark Anwyl
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END
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