Cambridge Cognition Holdings PLC Secured GBP3 million Term Loan (5906N)

TIDMCOG

RNS Number : 5906N

Cambridge Cognition Holdings PLC

26 September 2023

Cambridge Cognition Holdings Plc

("Cambridge Cognition", the "Group" or the "Company")

Secured GBP3 million Term Loan

Cambridge Cognition Holdings plc (AIM: COG), which develops and markets digital solutions to assess brain health, is pleased to announce that the Company has obtained a GBP3.0 million loan (the "Loan") from Claret European Specialty Lending Company III, S.à r.l. ("Claret"). Claret s pecialises in providing growth capital to innovative businesses . The Loan proceeds will provide the Group with additional working capital and enable investment in product development and solution integration.

The Loan will be drawn down in full immediately, has a fixed interest rate of 11.5% per annum and a term of 36 months. The Loan will be repayable, with interest, in 30 monthly instalments following an initial six-month interest only period. The Loan is secured over assets of the Company.

The Company will issue Claret with warrants to subscribe for GBP540,000 of new ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares"). The exercise price of the warrants will be the lower of the volume weighted average price of the Ordinary Shares in the 5 days preceding or post execution of the Loan (the "VWAP"). The VWAP will be used to calculate the number of warrants issued. A further announcement will be made when the warrants are issued.

While the Loan is in place, Claret has the right of first refusal on future debt fundings of the Company and has the right to participate in any future equity financing up to an amount of GBP500,000 on the same terms as any other participant.

Commenting, Matthew Stork, Chief Executive Officer of Cambridge Cognition, said:

"We are pleased to have strengthened the balance sheet with the Loan which will support us as we continue to execute our strategy to grow the Company."

Commenting, David Bateman, Managing Partner of Claret Capital Partners, said:

"We are excited to have started this relationship with the Cambridge Cognition team and to be able to support them with this Loan and their plans for growth and profitability. We are looking forward to working with the Company."

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Enquiries

 
Cambridge Cognition Holdings Plc              Tel: 012 2381 0700 
 Matthew Stork, Chief Executive Officer        press@camcog.com 
 Stephen Symonds, Chief Financial Officer 
Panmure Gordon (UK) Limited (NOMAD and Joint  Tel: 020 7886 2500 
 Broker)                                       (Corporate Finance) 
 Freddy Crossley / Emma Earl / Mark Rodgers    (Corporate Broking) 
 Rupert Dearden 
Dowgate Capital Limited (Joint Broker)        Tel: 020 3903 7715 
 David Poutney / James Serjeant 
IFC Advisory Ltd (Financial PR and IR)        Tel: 020 3934 6630 
 Tim Metcalfe / Graham Herring / Zach Cohen    cog@investor-focus.co.uk

About Cambridge Cognition

Cambridge Cognition is a technology company developing digital health products to better understand, detect and treat conditions affecting brain health. The Company's software products assess cognitive health in patients worldwide to improve clinical trial outcomes, identify and stratify patients early and improve global efficiency in pharmaceutical and healthcare industries.

For further information visit www.cambridgecognition.com

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September 26, 2023 02:00 ET (06:00 GMT)

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