Narf Industries PLC Invoice Financing Loan Facility (8984V)
12 4월 2023 - 3:00PM
UK Regulatory
TIDMNARF
RNS Number : 8984V
Narf Industries PLC
12 April 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION
IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
12 April 2023
NARF INDUSTRIES PLC
INVOICE FINANCING LOAN FACILITY
Narf Industries plc ("Narf", the "Company", or the "Group"),
(LSE: 'NARF')(OTCQB: NFIN.F) the cybersecurity group specialising
in high-end threat intelligence and critical infrastructure
security announces that it has entered into an Invoice Financing
Facility Agreement ("the Facility") with the Company's CEO, Steve
Bassi.
Invoice Financing
The Group has elected to enter the Facility as it was considered
to be financially more favourable to the Group than other financing
options. Funds advanced to the Group under the Facility will be
used to help manage the cash flows of the Company's subsidiaries,
Narf Industries PR LLC and Narf Industries LLC (the "Operating
Subsidiaries") in respect of timing differences on the receipts
from certain invoices.
Funds advanced to the Group under the terms of the $2 million
Facility will bear interest linked to the applicable US Federal
interest rates, currently 4.86 per cent. per annum, and are not
required to be repaid before 30 June 2024, but the Company may
elect to repay amounts early without penalty and reborrow any
amounts so repaid. The Facility is not secured.
The Facility also formalises existing undocumented non-interest
bearing loans from Mr. Bassi to the Operating Subsidiaries which
currently stand at $1.3 million. The Trade Receivables of the
Operating Subsidiaries currently stand at $1.6 million all of which
are expected to be received within the next 60 days.
Given the size of the Operating Subsidiaries existing and
potential new customers, the Facility will be used to fund the
expansion of their respective teams to meet the increasing demand
it is experiencing for its products and services from existing
customers, and potential customers it is currently in discussions
with, as well as managing the Group's cash flow over the coming
months.
Steve Bassi did not take part in the Board's discussions or
deliberations on the terms of the Facility and did not attend any
part of the Board meetings at which such discussions and
deliberations took place.
ENDS
For further information on the Group please visit
www.narfgroup.com or contact:
Rory Heier NARF Tel: +44 (0) 20 3468
2212
Catherine Leftley/Paul St Brides Partners narf@stbridespartners.co.uk
Dulieu/Isabel de Salis
------------------- ---------------------------
Peter Krens Tennyson Securities Tel: +44 (0)207 186 9030
------------------- ---------------------------
About NARF Industries plc
Narf Industries (LSE: NARF)(OTCQB: NFIN.F) is a US based cyber
security group specialising in high-end threat intelligence with a
focus on critical infrastructure. The Group leads commissioned
cyber security R&D and is commercialising a portfolio of
products including TIGR that can be used by utilities and cyber
first responders to restore power to electric grids and protecting
other key infrastructure that have suffered a cyber-attack. The
Group aims to further strengthen its portfolio organically and via
acquisition; its team of highly qualified cyber security experts is
well placed to identify opportunities.
Important notice
The content of this announcement has not been approved by an
authorised person within the meaning of the Financial Services and
Markets Act 2000 (FSMA). This announcement has been issued by and
is the sole responsibility of the Company. The information in this
announcement is subject to change. This announcement is not an
offer of securities for sale into the United States. The securities
referred to herein have not been and will not be registered under
the U.S. Securities Act of 1933, as amended (the Securities Act),
and may not be offered or sold, directly or indirectly, in or into
the United States, except pursuant to an applicable exemption from
registration. No public offering of securities is being made in the
United States. This announcement is not for release, publication or
distribution, directly or indirectly, in or into the United States,
Australia, Canada, the Republic of South Africa, Japan or any
jurisdiction where to do so might constitute a violation of local
securities laws or regulations (a Prohibited Jurisdiction). This
announcement and the information contained herein are not for
release, publication or distribution, directly or indirectly, to
persons in a Prohibited Jurisdiction unless permitted pursuant to
an exemption under the relevant local law or regulation in any such
jurisdiction.
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END
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