This announcement contains
information which, prior to its disclosure, was inside information
as stipulated under Regulation 11 of the Market Abuse (Amendment)
(EU Exit) Regulations 2019/310 (as amended). Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
22 February 2024
SUBSTRATE
ARTIFICIAL INTELIGENCE SOCIEDAD ANONIMA
("Substrate AI" or the
"Company")
BOND
CONVERSION
Substrate AI (AQUIS: SAI/SAI.B)
announces that, as a follow-up to the communication of Other
Relevant Information of May 18, 2023 and the resolutions adopted by
the Company's General Shareholders' Meeting on May 17, 2023, in
relation to the delegation and issuance of convertible bonds within
the framework of the financing agreement reached between the
Company and GLOBAL CORPORATE FINANCE OPPORTUNITIES (the
"Investor"), the Investor, in accordance with the terms and
conditions of the convertible bonds, has proceeded to convert on
January 11, 15, 17, 22, 23, 26 and 31 and February 2, 6, and
8:
- 5 bonds for a combined nominal amount of €50,000, at a
conversion price of €0.22 per share.
- 10 bonds for a combined nominal amount of €100,000, at a
conversion price of €0.21 per share.
- 15 bonds for a combined nominal amount of €150,000, at a
conversion price of €0.20 per share.
- 20 bonds with a combined nominal amount of €200,000, at a
conversion price of €0.91 per share.
Following the completion of the
above transactions by GLOBAL CORPORATE FINANCE OPPORTUNITIES, the
bonds of the 13th issue "Convertible Debentures (JANUARY 2024)"
have been fully repaid.
In this regard, the Company's share
capital will increase by a total nominal amount of €250,609 through
the issuance of 2,506,090 Class A Shares ("New Shares") with a par
value of €0.10 each under the rules provided for in the Spanish
Companies Act and which will be announced following approval by the
official register of companies in Spain.
Of the total of the Company's New
Shares, 227,272 Class A Shares are issued at an issue price of
€0.22 per share (€0.10 nominal plus €0.12 issue premium), 476,190
Class A Shares will be issued at an issue price of €0.21 per share
(€0.10 nominal plus €0.11 issue premium), 750,000 Class A
Shares will be issued at an issue price of €0.20 per share (€0.10
par value plus €0.10 issue premium) and 1,052,628 Class A Shares
will be issued at an issue price of €0.19 per share (€0.10 nominal
plus €0.09 issue premium).
Once the deed of capital increase by
conversion is registered in the Mercantile Registry of Madrid, the
Company will apply for admission to trading of the
2,506,090 New Shares of
the Company in the BME Growth segment of BME MTF Equity and Access
Segment of the AQSE Stock Exchange where Company's
shares are listed and the Company will make further announcements
in due course.
The Directors of Substrate AI accept
responsibility for this announcement.
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Substrate AI
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Lorenzo Serratosa
Chairman
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info@substrate.ai
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First Sentinel Corporate
Finance
Corporate Advisors
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Brian Stockbridge
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+44 (0) 7858 888
007
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About Substrate AI: Substrate
AI is an artificial intelligence company based in Spain that
creates, buys and scales companies around AI in diverse sectors
such as fintech, agritech, energy, human resources, or health. All
of them sell products and services built on the bio-inspired
reinforced learning technology developed and patented by Substrate
AI.