Nexstim Plc Agrees on a New Loan Repayment Schedule with Kreos
Company announcement, Helsinki, 13 September 2019 at 3.00 pm (EEST)
Nexstim Plc Agrees on a New Loan Repayment Schedule with Kreos
Nexstim Plc (NXTMH:HEX, NXTMS:STO) ("Nexstim" or "Company") – the company developing and marketing a unique brain stimulation technology for personalized treatment of major depressive disorder (MDD), announces that it has agreed on a new loan payment schedule with Kreos Capital V (UK) Limited ("Kreos"). According to the agreement approved today, Nexstim will pay Kreos two additional voluntary capital repayments of EUR 600 thousand, the first repayment in September 2019 and the second in November 2019.
Nexstim and Kreos have agreed to these early repayments in order to better balance Nexstim’s debt to equity ratio and reach a below EUR 2 million loan capital balance before the end of year 2019. The voluntary repayments deduct the monthly instalments payable under the previous payment schedule to Kreos proportionately and the loan maturity remains the same ending December 2021. Other terms of the Kreos loan remain the same as agreed i.e. the outstanding loan carrying an interest at the rate of 10.75% per annum and no amendments have been agreed to the terms of warrants granted to Kreos.
The Company estimates that the current working capital would end during Q1 2020. This estimate is based on a conservative revenue forecast and expense estimate and considering the current cash at bank of the Company. This estimate also assumes that the Company will be able to comply with the agreed new terms of its loan agreement entered into with Kreos and no event of default or material adverse change does not occur which would entitle Kreos to prematurely call back its loan. Should the Company fail to comply with the agreed terms and such default or change occurs, and Kreos calls back its loan in full, with outstanding interests and fees, the Company estimates that the current working capital would then run out during November 2019.
Martin Jamieson, Chairman and CEO of Nexstim, commented: “These repayments now agreed with Kreos are part of our long-term funding strategy. The lower monthly payments result in a healthier cash burn rate when going forward. We are continuing to evaluate a number of different funding options and strategic alternatives for our businesses. A key potential source of funding during October-November 2019 is expected to be the proceedings of the exercise of the warrants that were issued as part of the April 2019 share issue.”
Aris Constantinides, General Partner of Kreos Capital commented: "We continue to be supporting Nexstim in the commercialisation of the NBT® system for MDD which is currently Nexstim’s key strategic focus.”
Further information is available on the website www.nexstim.com , or by contacting:
Martin Jamieson, Chairman and CEO
+44 771 516 3942
Sisu Partners Oy (Certified Adviser)
+ 358 40 842 4479
About Nexstim Plc
Nexstim is a Finnish, globally operating medical technology company. Our mission is to enable personalized and effective therapies and diagnostics for challenging brain diseases and disorders.
Nexstim has developed a world-leading non-invasive brain stimulation technology called SmartFocus®. It is a navigated transcranial magnetic stimulation (nTMS) technology with highly sophisticated 3D navigation providing accurate and personalized targeting of the TMS to the specific area of the brain.
SmartFocus® technology is used in Nexstim’s proprietary Navigated Brain Therapy (NBT®) system, which is FDA cleared for marketing and commercial distribution for the treatment of major depressive disorder (MDD) in the United States. In Europe, the NBT® system is CE marked for the treatment of major depression and chronic neuropathic pain.
In addition, Nexstim is commercializing its SmartFocus® based Navigated Brain Stimulation (NBS) system for diagnostic applications. The NBS system is the only FDA cleared and CE marked navigated TMS system for pre-surgical mapping of the speech and motor cortices of the brain. Nexstim shares are listed on the Nasdaq First North Growth Market Finland and Nasdaq First North Growth Market Sweden.
For more information please visit www.nexstim.com
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
Mandalay Resources Corporation tillkännager produktions- och försäljningsresultat för fjärde kvartalet och helåret 2019 samt produktions- och kostnadsprognos för 202018.1.2020 13:30:00 CET | Pressemelding
TORONTO, Jan. 18, 2020 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation (”Mandalay” eller ”bolaget”) (TSX: MND, OTCQB: MNDJF) tillkännagav idag sina produktions- och försäljningsresultat för fjärde kvartalet och helåret 2019. Under fjärde kvartalet 2019 producerade Mandalay en konsoliderad mängd motsvarande 18 594 säljbara uns guldekvivalent och sålde 16 228 uns guldekvivalent. För helåret som slutade den 31 december 2019 producerade Mandalay 76 659 säljbara uns guldekvivalent och sålde 77 043 uns guldekvivalent. Dominic Duffy, President och Chief Executive Officer för Mandalay, kommenterar, ”Mandalays konsoliderade produktion för helåret 2019 motsvarade den reviderade prognosen som tillkännagavs i oktober 2019 för guld, antimon och guldekvivalenta uns. Björkdal fortsatte sin stabila drift under fjärde kvartalet med en produktion på 10 990 uns säljbart guld och 51 498 uns säljbart guld för helåret, en ungefärlig ökning på 12 % sedan samma period året innan. Vid Costerfield var result
Conditions for Riksbank Bid Procedures Sek Bonds17.1.2020 16:20:00 CET | Press release
Sveriges Riksbank Bid procedure details Government Bonds, 2020-01-23 Maturity date Loan ISIN code Coupon Volume, SEK million 2025-05-12 1058 SE0005676608 2.50 % 500 +/- 250 2028-05-12 1060 SE0009496367 0.75 % 500 +/- 250 Settlement date 2020-01-27 Bids have to be entered by 10.00 on JAN 23, 2020 Highest permitted bid volume: 500 SEK million in issue SGB 1058 and 500 SEK million in issue SGB 1060 Lowest permitted bid volume: 50 SEK million Bids only through counterparties approved by the Riksbank RESULT OF AUCTION WILL BE PUBLISHED NO LATER THAN 10.10 (CET) ON JAN 23, 2020. For more information, please contact: Trading desk at the Riksbank + 46 8 696 6970 General and special terms and conditions can be retrieved at http://www.riksbank.se
The Board of Directors of Cramo Plc supplements its statement regarding the recommended voluntary public cash tender offer by Boels Topholding B.V. due to the increase in the Offer Price17.1.2020 15:30:00 CET | Press release
Cramo Plc Stock exchange release 17 January 2020 at 4.30 pm (EET) The Board of Directors of Cramo Plc supplements its statement regarding the recommended voluntary public cash tender offer by Boels Topholding B.V. due to the increase in the Offer Price NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO CANADA, JAPAN, AUSTRALIA, SOUTH AFRICA OR HONG KONG, OR IN ANY OTHER JURISDICTION IN WHICH THE TENDER OFFER WOULD BE PROHIBITED BY APPLICABLE LAW. FOR FURTHER INFORMATION, SEE SECTION "IMPORTANT LEGAL INFORMATION" BELOW. On 11 November 2019, Boels Topholding B.V. (the "Offeror" or "Boels") announced that it will make a recommended voluntary public cash tender offer to acquire all of the issued and outstanding shares in Cramo Plc ("Cramo") that are not held by Cramo or any of its subsidiaries (the "Shares") (the "Tender Offer"). The Board of Directors of Cramo (the "Cramo Board") has on 20 November 2019 issued a statement (the "Statement"
CrossAmerica Partners to Announce Year-End/Fourth Quarter 2019 Earnings Results on February 2517.1.2020 12:45:00 CET | Press release
Allentown, Jan. 17, 2020 (GLOBE NEWSWIRE) -- CrossAmerica Partners to Announce Year-End/Fourth Quarter 2019 Earnings Results on February 25 ALLENTOWN, PA, January 17, 2020 – CrossAmerica Partners LP (NYSE: CAPL) today announced that it will release its year-end/fourth quarter 2019 results after the market closes on Tuesday, February 25, 2020. In conjunction with the news release, management will host a conference call on Wednesday, February 26, at 9:00 a.m. Eastern Time. The conference call numbers are 877-420-2982 or 847-619-6129 and the passcode for both is 5577665#. A live audio webcast of the conference call and the related earnings materials, including reconciliations of any non-GAAP financial measures to GAAP financial measures and any other applicable disclosures, will be available on that same day on the investor section of the CrossAmerica website (www.crossamericapartners.com). To listen to the audio webcast, go to https://caplp.gcs-web.com/webcasts-presentations. After the l
Volta Finance Limited - Update Statement regarding AGM voting17.1.2020 11:38:00 CET | Press release
17 January 2020 Volta Finance Limited (VTA / VTAS) Update Statement regarding AGM voting Information disclosed in accordance with provision 1.D.4 of the 2018 UK Code of Corporate Governance and principle 5.2.4 of the 2019 AIC Code of Corporate Governance. Volta Finance Limited (the “Company”) announced “Results of the Thirteenth Annual General Meeting” on 6 December 2019 and noted the votes against the resolutions to approve the re-election of the directors, Graham Harrison, Stephen Le Page, Paul Meader, Atosa Moini and Paul Varotsis, contained in resolutions 4 to 8 inclusively. The votes against each resolution equated to 37.05% of the total voted by proxy. The Board, through the Company’s corporate broker, has sought to engage with the dissenting shareholders to understand their concerns. Unfortunately, despite multiple efforts, the Board and its adviser have been unsuccessful to date in gaining any response. The Board invites the dissenting shareholders to engage, either directly th
14 nya butiker – stark tillväxt i Elon Ljud & Bild17.1.2020 10:00:00 CET | Pressemelding
Under januari har 14 nya butiker anslutit sig till hemelektronikkedjan Elon Ljud & Bild. Kedjan består nu av över 100 butiker runt om i Sverige. ”Vi ser med stor tillförsikt och glädje att vi attraherar och tillför Elon Ljud & Bild nya lokala aktörer till kedjan”, säger Anneli Sjöstedt, VD på Electra. I november 2019 bytte närmare 100 Audio Video-butiker varumärke och bildade Elon Ljud & Bild. Nu vill fler butiker ansluta sig till hemelektronikkedjan. Vid årsskiftet tecknade 14 nya butiker, spridda över hela landet, avtal med Elon Ljud & Bild. De nya medlemsbutikerna kommer från konkurrerande kedjor eller är befintliga Elon butiker som utvidgar sitt koncept med Elon Ljud & Bild. Butikerna blir på så sätt en komplett leverantör av hemelektronik och vitvaror på sina lokala orter. - Vårt koncept ger kunden full handlingsfrihet utifrån sin egen situation och sina behov, vilket vi vet kommer att vara helt avgörande för en positiv köpupplevelse och långsiktig kundnöjdhet. Det känns som en na