The Company entered into an agreement on 10th February 2022 with the University of Nottingham to create unsecured convertible loan notes up to a value of £100,000. The University can subscribe for loan notes in integral multiples of £1 and proceeds will be used to support patent and management costs relating to Ribocell technology for a period up to 30 April 2023.
The loan notes are interest-bearing at a rate of 3% above Bank of England base rate and are convertible on completion of the next relevant Fund Raising, or on or after 30th April 2023. The Loan Notes and associated interest may also be redeemed at the discretion of the University.
On the 17th July 2024 the above agreement was extended until August 2025.
At 31 March 2024, £7,295 of Loan Notes had been subscribed for (2023: £7,295).