CRUSHMETRIC Group Limited USD 1m Convertible Bond and Disputes Update (8298Y)

TIDMCUSH

RNS Number : 8298Y

CRUSHMETRIC Group Limited

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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May 10, 2023 02:00 ET (06:00 GMT)

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