Codeifai Limited (ASX:CDE) Secures A$750,000 Loan Facility
Loan Facility Details
CDE Group Limited (ASX: CDE) has announced the approval of a A$750,000 loan facility provided by its Executive Chairman, John Houston. This financial backing allows the company to pursue current and future business opportunities effectively.
Key Terms of the Loan
The loan facility, granted by J F Houston Holdings Pty Limited, has a term of 12 months. Interest will be charged at a rate based on the NAB facility rate plus 19%. CDE can repay the loan and accrued interest within the term or earlier if they choose.
Conditions and Fees
The facility is convertible and secured, pending shareholder approval. Additionally, CDE will issue 750,000,000 options as a facility fee, subject to approval and stock consolidation at a 20:1 ratio. The facility is also contingent on standard events of default, representations, and warranties from CDE.
Executive Comments
CEO John Houston expressed confidence in the company’s potential by stating, “I am pleased to show my continued support for CDE by providing this facility and loan funds. This is a clear mark of confidence in the technology, the team we have at CDE and the market potential for our technology and solutions.”
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