TIDMSBDS
RNS Number : 2565B
Silver Bullet Data Services Grp PLC
01 June 2023
1 June 2023
Silver Bullet Data Services Group plc
("Silverbullet" or the "Company", or, together with its
subsidiaries, the "Group")
Convertible Loan Note Fundraise of GBP500,000
Silverbullet (AIM: SBDS), a provider of digital transformation
services and products, is pleased to announce that it has raised
GBP500,000 via the issue of convertible loan notes (the
"Convertible Loan Notes" or "CLNs").
The CLNs provide the Company with additional working capital to
support the significant growth in sales of 4D and its services
offering . Particularly in the current macro economic climate, a
number of the Company's blue chip US and global clients often
demand lengthy payment terms, however the Board believes that such
blue chip clients demonstrate the quality of the Company's offering
and present significant opportunity for organic revenue growth. The
additional working capital provided by the CLNs will enable the
company to continue its strong growth and path to profitability and
cash flow positivity.
The Convertible Loan Notes have a term of three years and
attract interest at a rate of 12% per annum, which is payable
commencing on the date of issue either as to, at the Company's
option:
-- 8% per annum paid monthly plus 4% payable via the issue
of additional Convertible Loan Notes as payment in kind;
or
-- 12% payable via the issue of additional Convertible Loan
Notes as payment in kind.
Further information of the terms of the CLNs:
-- The CLNs are unsecured and convertible into new ordinary
shares of 1p in the Company ("Ordinary Shares") at the
price of GBP0.50 per new Ordinary Share, a premium of
approximately 10% to the closing bid price of the Company's
Ordinary Shares on AIM on 30 May 2023 (the "Conversion
Price");
-- The CLNs are convertible, in part or in full, at the
option of the noteholders from the date of issue until
the final repayment date, being the third anniversary
of the date of issue. In addition, the CLNs are convertible
automatically on a change of control of the Company,
subject to certain limitations;
-- If not repaid, redeemed or converted by the third anniversary
of issue, the CLNs are repayable in cash in full together
with accrued interest on that date;
-- The CLNs may be redeemed in cash at the option of the
Company at any time at 115% of par. The Lender will have
a period of 15 business days to respond to an offer to
redeem with a conversion notice which would render the
offer to redeem null and void and such notes would convert
into new Ordinary Shares at the conversion price of GBP0.50;
-- If converted in full at the Conversion Price, the CLNs
will represent approximately 8.2 per cent of the issued
share capital of the Company as then enlarged (excluding
the impact of any additional notes created through the
payment in kind of interest payments and assuming no
other new Ordinary Shares are issued by the Company in
the period until conversion);
It is noted that the maximum number of new Ordinary Shares that
may be issued on conversion of the Convertible Loan Notes,
including the potential impact of any additional notes that may be
issued as payment in kind of interest payments, is 1,430,768
Ordinary Shares.
Related Party Transaction
Ketih Morris is a substantial shareholder in the Company, with a
shareholding of 1,705,340 Ordinary Shares representing
approximately 10.7% of the Company's currently issued share
capital, and is subscribing for GBP250,000 of Convertible Loan
Notes. Accordingly, the issue of the Convertible Loan Notes to
Keith Morris constitutes a related party transaction pursuant to
Rule 13 of the AIM Rules for Companies. The Board, having consulted
with the Company's Nominated Adviser, Strand Hanson Limited,
consider that issue of the Convertible Loan Notes to Keith Morris
and the terms thereof are fair and reasonable insofar as the
Company's shareholders are concerned.
Ian James, Chief Executive Officer of Silverbullet,
commented:
"I am pleased to be able to announce this convertible loan note
funding to provide the Company with additional funds to service the
strong demand from existing and new clients who are choosing
Silverbullet to transform their data and technology capabilities to
improve marketing ROI and deliver meaningful customer
experiences.
"I would like to thank the convertible loan note subscribers for
their continued support. We look forward to providing further
updates on our operational progress in due course."
For further information please contact:
Silverbullet via IFC
Ian James (CEO)
Strand Hanson Limited - Financial 0207 409
and Nominated Adviser 3494
James Spinney / James Bellman / Robert
Collins
0203 179
Oberon Capital - Broker 5344
Mike Seabrook / Chris Crawford /
Nick Lovering
020 3934
IFC Advisory 6630
Graham Herring / Tim Metcalfe / Florence 07793 839
Chandler 024
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
About Silverbullet
Silverbullet's proprietary 4D advertising solution is designed
to help advertisers target consumers in a "post cookie world". The
product is a natural extension to its existing services business
which already serves a blue-chip client base such as Heineken,
Channel 4, Amazon and ITV amongst many others. The removal of
third-party cookies has already been implemented by web browsers
such as Firefox and Safari, with Google expected to phase out the
use of cookies in 2024.
Headquartered in London, the Group employs employees across five
regions across the globe, including, the UK, Italy, Australia, USA
and Latin America. The Group continues to look at other
opportunities for expansion worldwide.
The Company has an established and growing services business
with significant accumulated industry experience and a proven track
record of delivering strategic projects and activation services to
its clients. The majority of the Board have held senior positions
at global software companies and have significant industry
experience across data engineering, SAAS product development and
marketing.
The Group has close technical and commercial partnerships with
multiple global technology providers, all of which have existing
sales channels and are already delivering to clients.
The Group has established a strategic partnership and an entity
with Local Planet, a scaled network of over 60 agencies across the
globe. Local Planet Data Services Limited was established in
December 2020 and presents a significant opportunity to provide
data services and the 4D product to the Local Planet agency
network.
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END
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