20 March 2024
SUBSTRATE
ARTIFICIAL INTELIGENCE SOCIEDAD ANONIMA
("Substrate AI" or the
"Company")
Issue of
Convertible Bonds and Warrants
Substrate AI (AQUIS: SAI.B)
announces its thirteenth issuance of 50
Bonds convertible into Class A shares of the Company for an
aggregate nominal amount of €500,000 (the "Convertible Bonds (March
2024)"), as well as the issuance of 416,666 convertible warrants (the
"WARRANTS T14"), with Global Corporate Finance Opportunities
("GCFO15" or the "Investor") being the sole recipient of such securities.
This issuance relates to the
investment agreement dated 15 June 2022 (the "Investment
Agreement") entered into with GCFO15, a financial vehicle managed
by Alpha Blue Ocean ("ABO"), by which the Investor committed to
providing a facility of up to €20,000,000 to the Company (the
"Commitment"), by subscribing to interest-free mandatory
convertible bonds (obligaciones
convertibles en acciones), each with a par value of €10,000
and with a duration of 12 months from their respective date of
issuance (each, a "Convertible Bond"). By means of the Investment
Agreement, the Investor undertook the Commitment in 39 sequential
tranches (each, a "Tranche"), with an aggregate nominal value of
(i) €1,000,000 for the first Tranche and (ii) € 500,000 for the
following 38 Tranches. The conversion price of each Convertible
Bond is the higher of (i) the theoretical conversion price and (ii)
the nominal value of the class A share. The theoretical conversion
price means 95% of the lowest closing volume weighted average price
of the class A shares on the BME Growth Market as published by
Bloomberg (the "Daily VWAP"), during the period of five (5)
consecutive trading days expiring on the trading day immediately
preceding the conversion date. The conversion price will be
determined by rounding down to the nearest 1/100th.
Following this issuance, the Company
has issued 680 convertible bonds and 4,123,300 warrants under the
Investment Agreement.
The Directors of the Company accept
responsibility for the contents of the announcement.
For further information, please
contact:
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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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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.
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.